Sun Healthcare up 36% on Acquisition by Genesis Healthcare

Sun Healthcare Group SUNH shares are soaring today after the company announced yesterday that it has agreed to be acquired by Genesis Healthcare. Under the terms of agreement, Genesis will pay $8.50 per share totaling $275 million. William A. Mathies, Sun's Chairman and Chief Executive Officer said, "This transaction brings together two companies with similar operating structures, experienced and deep management teams, and cultures committed to quality patient care. Like Sun, Genesis operates a predominantly leased portfolio of skilled nursing and assisted living facilities as well as a fully integrated rehabilitation company. Together, the combined company will be able to use its strengths on a broader scale, which will be advantageous as the post-acute care industry continues to evolve." Sun Healthcare is currently trading at $8.35, a gain of $2.21 or 36.07%.