Private equity firms Bain Capital and Clayton Dubilier & Rice are among the final bidders for Emergency Medical Services, Reuters reported. It is not clear when final bids for the company are due, Reuters said. Emergency Medical Services provides healthcare transportation through its American Medical Response Inc unit, and provides physician services through its EmCare Holdings business, Reuters wrote.
(Reuters) – Private equity firms Bain Capital and Clayton Dubilier & Rice remain in the bidding for Emergency Medical Services as an auction for the company progresses, a source familiar with the situation said.
It was not clear when final bids are due or if a deal can be reached. Bids had been due last week and potential buyers had been asked to re-submit offers, a separate source familiar with the situation said on Wednesday.
Bain and CD&R declined comment. EMS was not immediately available for comment.
Earlier on Wednesday, The Deal publication reported that Bain and CD&R are the final two potential bidders left from a group of four private equity firms that made it to the second round.
Emergency Medical Services said in December that it was reviewing its strategic alternatives. It hired advisors to weigh options including a sale after getting takeover approaches by private equity firms, a source familiar with the situation said at the time.
The company provides healthcare transportation services through its American Medical Response Inc unit, and provides physician services to healthcare facilities through its EmCare Holdings business.
Shares of EMS have risen 23 percent since the day before the company said it was weighing strategic alternatives. It is valued at about $3 billion based on Wednesday’s closing price. (Reporting by Megan Davies and Jessica Hall; Editing by Anshuman Daga)