Healthsouth to Buy National Surgery

Healthsouth Corp. said it agreed to buy National Surgery Centers Inc. for about $590 million in stock in the latest move bolstering its position as the largest U.S. operator of outpatient surgery centers. The bid of $30.50 a share for Chicago-based NSC is a premium of 8.9% over Tuesday’s close of $28. The acquisition will add 40 outpatient surgery centers in 14 states to an existing chain of 1,850 centers in 50 states, Britain and Australia. The offer came a month after the Birmingham, Ala.-based company said it will buy 34 outpatient surgery centers for about $550 million from Columbia/HCA Healthcare Corp. NSC said the purchase should be completed in the third quarter of this year. NSC said if the merger is not completed, NSC will pay Healthsouth a termination fee of $15 million subject to certain conditions. NSC shares rose $1.06 to close at $29.06 on Nasdaq. Healthsouth shares fell 38 cents to $29.63 on the NYSE.