Ayelet can’t get financing to buy Hanover’s Conmed
Posted: 3:13 pm Tue, November 15, 2011
Conmed Healthcare Management Inc. of Hanover, which in July agreed to be bought out by Illinois-based Ayelet Investments LLC for $57.2 million in cash, said Tuesday it has been informed by Ayelet that it can’t get the financing it needs to make the deal happen.
Conmed said it “is now considering the various options available to it” based on the new situation. It said it was going ahead with a special shareholders meeting scheduled for Tuesday in New York to consider the merger and “golden parachute” compensation for its executives.
Conmed provides health care services to county and municipal detention centers.