Select Medical Holdings Corporation (NYSE: SEM) today announced that we have completed our previously announced distribution of 104,093,503 shares of common stock of Concentra Group Holdings Parent, Inc. (NYSE: CON) owned by Select Medical Corporation, 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 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.
