CORAL GABLES, Fla., May 7 /PRNewswire-FirstCall/ --
Ramsay Youth Services, Inc. (Nasdaq: RYOU) ("Ramsay") today announced that it
is postponing its annual meeting of shareholders originally scheduled for May
22, 2003 in order to convene a special shareholders meeting to vote on the
previously announced transaction whereby Psychiatric Solutions, Inc. ("PSI")
(Nasdaq: PSYS) will acquire Ramsay.
(Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO )
The Company will announce a date for a special shareholders meeting when
it circulates a proxy statement relating to the transaction.
The PSI acquisition is valued at approximately $78 million, consisting of
$58.1 million in cash, or $5.00 per share, for Ramsay's common stock, and the
assumption of Ramsay's outstanding debt. The transaction, which is subject to
customary closing conditions, is expected to be completed in July 2003.
Ramsay Youth Services, Inc. is a leading provider and manager of mental
health, substance abuse and behavioral health programs and services in
residential and non-residential settings in eleven states and the Commonwealth
of Puerto Rico.
Except for historical information contained herein, the matters set forth
in this news release are forward-looking statements as defined under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements involve known and unknown risks and
uncertainties. Actual operations and results may differ materially from those
expected in the forward-looking statements made by the Company. Please refer
to Ramsay's filings with the Securities and Exchange Commission for additional
information, specifically the Risk Factors section in the Company's Form 10K
for the year ended December 31, 2002.
SOURCE Ramsay Youth Services, Inc.
 back to top
Related links:
http://www.ramsay.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20020731/RYOULOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/116733.html
CONTACT:
Isa Diaz, Executive Vice President, Corporate
Relations, Ramsay Youth Services, Inc., +1-305-569-4626
|
