Credit Suisse First Boston and Deutsche Bank are set to lead a credit backing plans by Amy Acquisition Corp., a Welsh, Carson, Anderson & Stowe company, to acquire AmeriPath. The deal will launch early next year. The size, pricing and structure of the debt financing is yet to be determined, said a banker familiar with the deal. The transaction is valued at $839.4 million, including AmeriPath's anticipated year-end debt of $106.9 million and an estimated $65.1 million in assumed contingent obligations. AmeriPath's outstanding common shares will also be converted into the right to receive $21.25 in cash per share. A Deutsche Bank spokesman did not return calls, while a CSFB official declined to comment.
AmeriPath is still free to seek acquisition proposals until Dec. 21. After that date the company can no longer solicit offers. It can, however, negotiate unsolicited, third-party offers that could constitute a superior proposal. If AmeriPath does in fact exit from the deal with Welsh, Carson, the health diagnostic provider has agreed to pay a termination fee of $12.9 million. Calls to Welsh, Carson were not returned.