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Buyout Terms Change
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Business New Haven
11/3/1997
By: Russell Stone
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LOS ANGELES - Foundation Health Systems Inc. (NYSE: FHS), which agreed in May to purchase Physicians Health Services (NASDAQ: PHSV) at a price of $29.25 per share, has amended the terms of the deal. Both companies agreed to reduce the purchase price to $28.25, bringing the overall payment to acquire PHS to approximately $271 million. The reduction comes as a result of PHS' inability to produce the waivers and amendments it was obliged to provide covering its joint ventures with Guardian Life Insurance. Given approval by PHS shareholders, the deal should close in January 1998.
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