Psychiatric Solutions Approve Merger with Universal Health Services
Psychiatric Solutions, Inc. (NASDAQ: PSYS) today announced that its stockholders have voted to approve the previously announced merger agreement providing for the acquisition of PSI by Universal Health Services, Inc. (NYSE: UHS).
Approximately 96.6% of the shares voting at today's Special Meeting of Stockholders voted in favor of the adoption of the merger agreement, which represented approximately 79.5% of PSI's total outstanding shares of common stock as of the August 24, 2010 record date.
Upon the completion of the merger, PSI stockholders will receive $33.75 in cash, without interest and less any applicable withholding taxes, for each share of the Company's common stock that they own as of the effective time of the merger. The transaction is currently expected to be completed in the fourth quarter of 2010.
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