secwatch.observer — SEC 8-K summary
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Issuer:     Surgery Partners, Inc. (SGRY)
CIK:        0001638833
Form:       8-K
Filed at:   2026-11-09T14:15:24+00:00
Accession:  0001104659-26-124236
Event type: m_and_a
Sentiment:  positive
Materiality: 0.82
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1638833/000110465926124236/0001104659-26-124236-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1638833/000110465926124236/tm2629312d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-124236

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