Surgery Partners Stock Slumps 13% After Company Rejects Bain Capital’s Take-Private Proposal

Chairman of the Independent Committee, Brent Turner, said the best path forward for Surgery Partners is to continue operating as an independent publicly traded company.

Surgery Partners, Inc. (SGRY) on Tuesday announced that it has decided to reject Bain Capital Private Equity’s proposal to take the healthcare services company private. Following the announcement, SGRY stock slumped 13% by Tuesday morning.

Surgery Partners, headquartered in Brentwood, Tennessee, said that the firm’s independent committee determined that the company’s prospects to deliver long-term growth and value creation as an independent publicly traded company exceeded the value of the proposal by Bain Capital, its largest shareholder.  

Brent Turner, Chairman of the independent committee, said that it believes the best path forward for Surgery Partners is to continue operating as an independent publicly traded company.

“We remain confident in the management team’s ability to continue delivering sustained growth and significant stockholder returns,” he said.

Bain Capital put forth its proposal to acquire all of the outstanding shares of Surgery Partners not already owned by it for a cash consideration of $25.75 per share in January.

Meanwhile, CEO Eric Evans on Tuesday also expressed confidence in the company achieving its full-year 2025 revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance.

The company expects to report 2025 revenues in the range of $3.30 billion to $3.45 billion and adjusted EBITDA in the range of $555 million to $565 million for the year.

Bain Capital Partners Andrew Kaplan and Devin O’Reilly also said that they remain “tremendously optimistic” about the business despite not being able to agree on the terms of the transaction.

SGRY stock is down 6% this year and approximately 20% over the past 12 months.

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