Laidlaw to Acquire EmCare for $400 Million
Burlington, Canada-based Laidlaw Inc. said it agreed to buy EmCare Holdings Inc. for $400 million in cash and debt, expanding its emergency medical transportation operations into emergency-room management. Laidlaw said the cost includes $38 a share for EmCare’s outstanding stock, $25 million associated with stock options and assumption of $65 million in debt. EmCare, based in Dallas, provides a variety of services to hospital emergency departments, principally physician recruitment and staffing as well as inpatient, primary and managed-care services contracting. Laidlaw’s stock rose 13 cents to close at $17.88 on the NYSE, while EmCare shares fell 69 cents to close at $37.56 on Nasdaq.