HealthSpan Raises Surgery Partners Bid to $6 Billion
HealthSpan Partners, an affiliate of Bon Secours Mercy Health, sweetened its offer after a rival unsolicited proposal emerged.
Updated on Nov. 9, 2026 in Healthcare
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HealthSpan Partners raised its bid for Surgery Partners to as much as $6 billion on Monday. Surgery Partners shares climbed 12% in premarket trading after the revised proposal.
Why it matters
The contest for Surgery Partners follows an unsolicited $28 per share cash offer from another buyer, putting pressure on the original deal terms. Bain Capital, which holds 39% of the company and has been a minority shareholder since 2017, will back the revised transaction.
The revised offer is $25 per share in cash for non-Bain shareholders, up from $23.50, while a rival unsolicited offer stands at $28 per share. Shareholders could receive up to $1.61 more per share in monthly payments if the deal closes after March 1, 2027, for a potential total of $26.61 per share, though the board's response remains unstated.
The players
HealthSpan Partners
HealthSpan Partners is an affiliate of nonprofit hospital system Bon Secours Mercy Health, and it is the company making the revised bid to acquire Surgery Partners.
Surgery Partners
Surgery Partners is a U.S. healthcare company operating ambulatory surgery facilities, and it is the target of the competing acquisition bids.
Bain Capital
Bain Capital is a private equity firm that has held a minority stake in Surgery Partners since 2017 and will back the revised deal.
The details
HealthSpan Partners, an affiliate of nonprofit hospital system Bon Secours Mercy Health, submitted the sweetened bid after receiving an unsolicited competing proposal from a third party. Eligible shareholders would receive additional monthly payments if the merger is approved but closes after March 1, 2027, with the final outside date set for October 23, 2027.
Timeline
November 3, 2026: Surgery Partners received an unsolicited $28 per share cash offer from another buyer.
November 9, 2026: HealthSpan Partners raised its bid to up to $6 billion.
March 1, 2027: Eligible shareholders begin receiving additional monthly payments if the deal has not closed.
October 23, 2027: Final outside date for the transaction to close.
Market Landscape
Competing bids for Surgery Partners reflect ongoing consolidation among ambulatory surgery operators, where nonprofit health systems and private equity firms have pursued acquisitions. The contest places HealthSpan's affiliated nonprofit parent alongside a rival buyer in a bidding dynamic that raises the price of outpatient surgical assets.
Non-Bain Surgery Partners shareholders face a choice between the $25 cash offer and the competing $28 bid, with potential monthly payments adding value if closing is delayed. Patients using Surgery Partners facilities may see no immediate change, as the bid concerns ownership rather than service delivery.
The takeaway
Shareholders weighing competing takeover bids should compare the headline price against any deferred or conditional payments and the deal's closing timeline. The revised HealthSpan offer illustrates how a rival bid can reshape terms for public company shareholders.
What happens next
The merger outside date is October 23, 2027, and additional monthly payments to eligible shareholders begin if the deal closes after March 1, 2027.
Further reading
Track more deal activity in the Healthcare section for broader context on hospital and surgery-center transactions.
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