Conmed Healthcare Management Pops 13% on Acquisition

Shares of Conmed Healthcare Management

were seeing increased strength during Monday's trading session after the company announced it would be acquired by Correct Care Solutions. Correct Care Solutions and Conmed Healthcare Management announced that they have entered into a definitive merger agreement providing for CCS to acquire Conmed, for $3.95 per share in cash. The purchase price represents an approximately 33% premium over the average closing price per share for the 30 days prior to Conmed's announcement of its intention to explore strategic alternatives and represents an equity value of approximately $59 million. Monday, shares of Conmed Healthcare Management were trading up 13 percent, at about $3.90 per share.