Activist investor pushing for sale of $2B MEDNAX
An activist investor is reportedly pushing for a partial or full sale of vendor MEDNAX, which is valued at about $2.1 billion, the Wall Street Journal reported Tuesday, Dec. 10.
Starboard Value LP has privately nominated a majority slate of directors to the Sunrise, Florida-based company’s board, and could push for a proxy fight at its annual meeting in 2020.
MEDNAX is an owner of medical practices and provide physician services that include radiology and pediatric cardiology. It’s grown in recent years, acquiring several such practices, Radiology Business reported previously.
In a statement to the Wall Street Journal, company officials acknowledged, “We are aware that Starboard has made an investment in the company and have met with them as a new shareholder. The MEDNAX board and leadership team value the views of all of its shareholders and welcome a constructive dialogue with Starboard.”
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Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.