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Monday, February 14, 2011

Emergency Medical to go private for about $3 bln, (NYSE: EMS), (TSE: OCX)

Private equity firm Clayton, Dubilier & Rice said it would buy healthcare and physician services company Emergency Medical Services Corp (EMS.N) for a discount price of about $3 billion. At $64 a share, the deal is 9 percent below EMS' closing price of $70.66 on Friday. Canadian private equity firm Onex Corp (OCX.TO), which holds a 31 percent stake, said it supported the buyout. Shares of the company had surged some 30 percent since mid-December, when Emergency Medical said it was reviewing its strategic alternatives. They fell 10.9 percent to $62.98 in morning trading after the deal was announced.