Patterson Companies, Inc. (NASDAQ: PDCO) announced that its shareholders have approved the acquisition of the company by Patient Square Capital, a healthcare investment firm. The acquisition will see Patterson become a privately held company, with its common stock no longer being traded on the NASDAQ Global Select Market.
Under the terms of the agreement and plan of merger dated December 10, 2024, Patterson shareholders will receive $31.35 in cash per share of common stock. The transaction is expected to close later in the month, subject to the satisfaction of certain customary closing conditions set forth in the merger agreement.
Patterson Companies, Inc., which connects dental and animal health customers in North America and the U.K., will now be able to invest in serving its customers and its business, accelerate its growth, and be well-positioned to achieve its strategic priorities.
Patient Square Capital, with approximately $12 billion in assets under management as of December 31, 2024, aims to achieve strong investment returns by partnering with growth-oriented companies and top-tier management teams in the healthcare sector.
The final voting results will be reported in a current report on Form 8-K to be filed with the Securities and Exchange Commission. Upon completion of the transaction, Patterson will enter its next chapter as a private company, with the support of Patient Square Capital. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $31.27. Check out the company's full 8-K submission here.
