---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-124236"
form_type: "8-K"
ticker: "SGRY"
cik: "0001638833"
company_name: "Surgery Partners, Inc."
filed_at: "2026-11-09T14:15:24+00:00"
generated_at: "2026-11-09T14:16:04.543232+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.82
calibrated_materiality_score: 0.82
confidence: "high"
source: SEC EDGAR
---

# Surgery Partners raises HealthSpan merger price to $25/share, adds ticking fee; spurns $28 third-party bid

## Summary
- Merger consideration raised to $25.00/share cash, plus Ticking Fees at a 10% annual rate if closing slips past March 1, 2027 — up to $1.61/share more, or $26.61 max, EV up to ~$6.0B.
- Special Committee deemed a Nov. 3 unsolicited $28.00/share all-cash proposal (updated Nov. 8) not a Superior Proposal, citing longer/uncertain closing, greater regulatory risk and missing protections.
- Company termination fee raised to approximately $149.1 million; a pre-vote termination for a Superior Proposal also requires reimbursing buyer expenses up to an $8.25 million cap.
- Bain Capital, holding ~39% of shares, rolls over its stake for equity in the acquiring entity, receives no cash or Ticking Fee, and its voting support agreement remains in force.
- Closing still expected in Q1 2027; the antitrust efforts covenant drops its materiality limitation, and HealthSpan has committed financing via cash on hand and new debt.

## SEC filing metadata
- accession: 0001104659-26-124236
- form_type: 8-K
- ticker: SGRY
- cik: 0001638833
- company_name: Surgery Partners, Inc.
- filed_at: 2026-11-09T14:15:24+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.82
- calibrated_materiality_score: 0.82
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1638833/000110465926124236/0001104659-26-124236-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1638833/000110465926124236/tm2629312d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-124236
- JSON: https://secwatch.observer/filing/0001104659-26-124236.json
- Plain text: https://secwatch.observer/filing/0001104659-26-124236.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.