Following the completion of the spin-off of Concentra, Select Medical Holdings Corporation announced that it has distributed 104,093,503 shares of common stock of Concentra Group Holdings Parent, Inc. to its stockholders. This represents approximately 81.7% of the outstanding shares of Concentra's common stock previously owned by Select Medical.
The distribution was made in the form of a pro rata common stock distribution, with Select Medical's stockholders receiving 0.806971 shares of Concentra's common stock for every share of Select Medical's common stock held as of the record date, November 18, 2024.
As a result of the distribution, Select Medical no longer owns any shares of Concentra's common stock. Any fractional shares of Concentra's common stock that would have been distributed were instead replaced with cash.
J.P. Morgan and Goldman Sachs served as financial advisors to Select Medical in connection with the distribution, while Dechert LLP acted as the legal advisor.
As of September 30, 2024, Select Medical operated 106 critical illness recovery hospitals in 29 states, 34 rehabilitation hospitals in 13 states, 1,925 outpatient rehabilitation clinics in 39 states and the District of Columbia, and 549 occupational health centers in 41 states.
The company had operations in 46 states and the District of Columbia by September 30, 2024.
For more information about Select Medical, visit www.selectmedical.com. The market has reacted to these announcements by moving the company's shares 2.4% to a price of $21.34. For the full picture, make sure to review Select Medical's 8-K report.
