News / Business
Emergency Medical Services (NYSE:EMS) plunges On Stock Offering
Medical Services Stocks
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Emergency Medical Services Corporation (NYSE:EMS) fell 4% to $49.64 in the opening session after it said that it plans to commence a public secondary offering of 6 million shares of class A common stock. The company will not receive any proceeds from the offering.
The shares are being offered primarily by affiliates of Onex Corp. The Onex Entities' shares represent about 26% of the Onex Entities' equity interests in EMSC.
After giving effect to this offering, the Onex Entities will own about 39% of the equity interests in EMSC and about 86% of the combined voting power.
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