NovaMed Investors Move To Block $214M HIG Merger

Law360, New York (January 28, 2011, 4:24 PM EST) -- Stockholders in ambulatory surgery center operator NovaMed Inc. have filed a putative class action seeking to block a proposed $214 million merger with a unit of private equity firm H.I.G. Capital LLC, saying the deal significantly undervalues NovaMed.

In a complaint filed Thursday in the Delaware Court of Chancery, the investors claim that the $13.25 share price that Surgery Holdings Inc. has proposed to pay “has not sat well” with a number of shareholders because the deal does not take into account potential revenue increases stemming...
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