Cross Country Healthcare terminated its Agreement and Plan of Merger with Aya Healthcare.
Aya Healthcare is required to pay Cross Country Healthcare a termination fee of $20 million.
The termination was due to challenges with the FTC review process and uncertainty surrounding potential challenges.
Merger Agreement Termination
The Merger Agreement with Aya Healthcare was terminated, leading to a $20 million termination fee.
Company's Position
Cross Country Healthcare remains operationally resilient, financially strong, and focused on delivering long-term value for shareholders.
Share Repurchase Program
The Company has authority to repurchase up to $40 million of its stock and plans to commence repurchases immediately.
Future Plans
The Company is poised for growth, innovation, and industry leadership, with upcoming celebrations for 40 years of excellence.
- The termination indicates the challenges involved in completing the merger, impacting both companies' strategic plans.
- Cross Country Healthcare's focus on operational resilience and financial strength positions it for continued growth and value creation for shareholders.
Despite the termination of the merger, Cross Country Healthcare is optimistic about its future prospects, driven by its strong financial position and commitment to innovation and growth.