Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Triple-S Management (NYSE: GTS) shares are rallying premarket after it was announced that GuideWell Mutual will acquire the company in a deal worth $900 million.
Health solutions firm GuideWell will acquire all the outstanding shares of Triple-S Management for $36 per share in cash, representing a premium of approximately 49% to Triple-S Management's 90-day volume-weighted average trading price.
Once completed, Triple-S Management will become a subsidiary of GuideWell and continue operating under the Triple-S Management brand.
GuideWell is a not-for-profit mutual holding company that includes Florida Blue. In total, GuideWell companies serve more than 45 million people in 45 states.
“The Transaction expands GuideWell's core insurance operations and positions Florida Blue and Triple-S Management for significant growth and meaningful value creation for the customers and communities we serve,” said Pat Geraghty, president and CEO of GuideWell and Florida Blue.
“Florida Blue and Triple-S Management are both recognized for their high-quality, affordable health care and their actions deeply rooted in supporting community well-being. With Puerto Rico's outlook strengthening, and Florida experiencing fast-paced growth, especially in its Puerto Rican and Hispanic populations, this is a natural next step,” added Geraghty.
Triple-S Management shares are trading at $35 premarket, up 44.69%.
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