Patterson shareholders approve acquisition by Patient Square Capital

ST. PAUL, Minn. - Patterson Companies, Inc. (NASDAQ: PDCO), a $2.77 billion market cap company trading near its 52-week high of $31.79, announced today that its shareholders have given the green light for the company to be acquired by Patient Square Capital, a health care investment firm. The approval came during a special meeting, moving the company closer to transitioning into a privately held entity. According to InvestingPro data, the stock has delivered an impressive 50% return over the past six months.

Don Zurbay, President and CEO of Patterson, expressed gratitude for the shareholders’ support, highlighting the team’s enthusiasm for the upcoming partnership with Patient Square Capital. He anticipates that the collaboration will foster investment in customer service, accelerate growth, and help achieve strategic goals. The company has demonstrated strong financial discipline, maintaining dividend payments for 15 consecutive years with a current yield of 3.33%.

Patterson’s shareholders are set to receive $31.35 in cash per share of common stock under the merger agreement dated December 10, 2024. The transaction is expected to close later this month, subject to customary closing conditions. Once finalized, Patterson’s common stock will cease trading on the NASDAQ Global Select Market.

Patterson Companies, with operations in the dental and animal health supply markets across the U.S., Canada, and the U.K., connects customers with products, technologies, and solutions for professional success. With annual revenue of $6.51 billion, the company has established a significant market presence. Patient Square Capital, managing approximately $12 billion in assets, focuses on partnering with growth-oriented health companies. For detailed financial analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro.

The report includes forward-looking statements regarding the merger’s completion and potential effects on the company’s operations and stock price. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. InvestingPro subscribers have access to 10+ additional exclusive insights about Patterson Companies’ financial health and market position.

The final voting results of the shareholder meeting will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

This news is based on a press release statement from Patterson Companies, Inc.

In other recent news, Patterson Companies is set to be acquired by Patient Square Capital in an all-cash transaction valued at approximately $4.1 billion. The deal, which involves purchasing Patterson at $31.35 per share, follows the expiration of a "go-shop" period during which no alternative proposals were received. This acquisition is anticipated to close in April 2025, pending customary closing conditions, including shareholder approval and antitrust clearance. In connection with this, Patterson Companies has amended its proxy statement in response to shareholder litigation related to the merger. The lawsuits, filed in New York Supreme Court, allege that the initial proxy statement lacked material information. Patterson Companies has provided supplemental disclosures to address these concerns, including details about financial projections and advisor analysis. The board of directors, excluding the CEO who recused himself, recommends that shareholders vote in favor of the merger. Once the deal is finalized, Patterson will operate as a privately held entity, and its shares will no longer be listed on the NASDAQ Global Select Market.

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