Select Medical to be acquired by consortium led by Ortenzio, Jackson, WCAS for $16.50/share

SELECT MEDICAL HOLDINGS CORP

Enterprise value of $3.9B; Merger Consideration of $16.50 per share in cash.
Premium of ~18% over unaffected price (Nov 24, 2025) and ~25% over 90-day VWAP.
Ortenzio, Jackson and certain affiliates rolling over ~11.8% equity stakes; will vote in favor.
Closing expected mid-2026, subject to stockholder approval, HSR, and regulatory clearances.
Company termination fee $66.5M; Parent termination fee $133.0M.

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