MECHANICSBURG, Pa., Nov. 25,
2024 /PRNewswire/ -- Select Medical Holdings
Corporation ("Select Medical," "we," "us," or "our") (NYSE: SEM)
today announced that we have completed our previously announced
distribution (the "Distribution") of 104,093,503 shares of common
stock of Concentra Group Holdings Parent, Inc. ("Concentra")
(NYSE: CON) owned by Select Medical Corporation ("SMC"), a wholly
owned subsidiary of Select Medical, representing approximately
81.7% of the outstanding shares of Concentra's common stock.
After the completion of the Distribution, Select Medical no longer
owns any shares of Concentra's common stock.
The Distribution was made today to Select Medical's stockholders
as of the close of business on the record date (the "Record Date")
for the Distribution, November 18,
2024. The Distribution took place in the form of
a pro rata common stock distribution to each of Select
Medical's stockholder on the Record Date. Based on the shares of
Select Medical's common stock outstanding as of the Record Date,
Select Medical's stockholders received 0.806971 shares
of Concentra's common stock for every share of Select
Medical's common stock held as of the Record Date.
No fractional shares of Concentra's common stock were
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.
On November 19, 2024, Select
Medical made available an information statement to its stockholders
on the Record Date, which included details on the Distribution. The
information statement is posted under the Investor Relations tab on
Select Medical's website at
www.selectmedical.com/investor-relations/.
J.P. Morgan and Goldman Sachs acted as financial advisors to
Select Medical in connection with the Distribution. Dechert LLP
acted as legal advisor to Select Medical in connection with the
Distribution.
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
