MECHANICSBURG, Pa., Nov. 19,
2024 /PRNewswire/ -- Select Medical Holdings
Corporation ("Select Medical," "we," "us," or "our") (NYSE: SEM)
today announced the distribution ratio for the previously announced
special stock distribution (the "Distribution") to its stockholders
of its equity interest in Concentra Group Holdings Parent, Inc.
("Concentra") (NYSE: CON). Based on the shares of Select Medical's
common stock outstanding as of November 18,
2024, the record date (the "Record Date") for the
Distribution, Select Medical's stockholders will receive 0.806971
shares of Concentra's common stock for every share of Select
Medical's common stock held as of the close of business on the
Record Date.
The Distribution by Select Medical of the special stock
distribution will be made on November 25,
2024 (the "Distribution Date") in the form of a pro
rata common stock distribution to all of Select Medical's
stockholders of record on the Record Date. No fractional shares of
Concentra's common stock will be distributed. Instead, Select
Medical's stockholders will receive cash in lieu of any fraction of
a share of Concentra's common stock that they otherwise would have
received. The Distribution is generally intended to qualify as tax
free to Select Medical's stockholders for U.S. federal income tax
purposes.
J.P. Morgan and Goldman Sachs are acting as financial advisors
to Select Medical in connection with the Distribution. Dechert LLP
is acting as legal advisor to Select Medical in connection with the
Distribution.
Information Regarding the Distribution
No vote or action is required by Select Medical's stockholders
in order to receive the Distribution of shares of Concentra's
common stock.
Select Medical's stockholders of record on the Record Date will
receive account statements reflecting their ownership interest in
shares of Concentra's common stock. Concentra's common stock issued
in the Distribution will be in book-entry form, and no physical
share certificates of Concentra will be issued. Select Medical's
stockholders who hold their shares through brokers or other
nominees will have their shares of Concentra's common stock
credited to their accounts by their nominees or brokers. Select
Medical's stockholders will not be required to pay cash or other
consideration for the shares of Concentra's common stock to be
distributed to them, or surrender or exchange their shares of
Select Medical's common stock to receive the Distribution. For
additional information, registered stockholders in the United States and Canada should contact Select Medical's
transfer agent, Computershare Trust Company, N.A. at
1-800-736-3001. Stockholders from outside the United States may call 1-781-575-3100.
Stockholders who hold their shares through brokers or other
nominees should contact their brokers or other nominees
directly.
An information statement describing the Distribution is being
made available to Select Medical's stockholders. The information
statement will include details on the Distribution and also will be
posted under the Investor Relations tab on Select Medical's website
at https://www.selectmedical.com/investor-relations/.
About Select Medical
Select Medical is one of the largest operators of critical
illness recovery hospitals, rehabilitation hospitals, outpatient
rehabilitation clinics, and occupational health centers in
the United States based on number
of facilities. Select Medical's reportable segments include
the critical illness recovery hospital segment, the rehabilitation
hospital segment, the outpatient rehabilitation segment, and the
Concentra segment. As of September 30, 2024, Select Medical
operated 106 critical illness recovery hospitals in 29 states, 34
rehabilitation hospitals in 13 states, 1,925 outpatient
rehabilitation clinics in 39 states and the District of Columbia, and 549 occupational
health centers in 41 states. At September 30, 2024, Select
Medical had operations in 46 states and the District of Columbia. Information about Select
Medical is available at www.selectmedical.com.
This press release may contain forward-looking statements based
on current management expectations. Numerous factors, including
those related to market conditions and those detailed from
time-to-time in Select Medical's filings with the Securities and
Exchange Commission, may cause results to differ materially from
those anticipated in the forward-looking statements. Many of the
factors that will determine Select Medical's future results are
beyond the ability of Select Medical to control or predict. These
statements are subject to risks and uncertainties and, therefore,
actual results may differ materially. Readers should not place
undue reliance on forward-looking statements, which reflect
management's views only as of the date hereof. Select Medical
undertakes no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedical.com
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SOURCE Select Medical Holdings Corporation