The deal is fully financed with equity commitments and no financing condition, significantly reducing execution risk. The stock should trade near the $13.25 offer price minus a small spread for timing/regulatory risk. Monitor the proxy filing and stockholder vote timeline. The locums divestiture to an affiliate may raise antitrust scrutiny but is structured to be conditioned on closing.
Price Chart
Executive Summary
Cross Country Healthcare (CCRN) has agreed to be acquired by Knox Lane in an all-cash transaction valued at $437 million, or $13.25 per share. The deal represents a ~31% premium to the May 6 closing price and ~45% premium to the 90-day VWAP. The merger is expected to close in Q3 2026, subject to stockholder approval and regulatory clearance, and will take the company private.
Key Financial Metrics
Key Facts
- Knox Lane to acquire CCRN for $13.25/share in all-cash deal valued at $437M
- ~31% premium to May 6 closing price; ~45% premium to 90-day VWAP
- Expected close in Q3 2026; subject to stockholder vote and HSR/antitrust approvals
- No financing condition; equity commitments from Knox Lane funds are in place
- Company will cancel Q1 2026 earnings call and 2026 Annual Meeting
- Company termination fee: $14.2M; Parent regulatory termination fee: $14.2M
- Knox Lane plans to sell CCRN's locums business to affiliate All Star Healthcare Solutions post-close
Financial Impact
All-cash acquisition valued at $437M; $13.25/share cash consideration
Risk Factors
- Stockholder vote may fail or be delayed
- HSR/antitrust review could delay or block the transaction
- Go-shop period could attract a competing bid, though no-shop provisions limit this
- Litigation from shareholders challenging the deal could cause delays
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950103-26-006921 |
| Document: dp246394_8k.htm | 0000950103-26-006921 |
| Document: dp246394_ex9901.htm | 0000950103-26-006921 |
| Document: 0000950103-26-006921-index-headers.html | 0000950103-26-006921 |
| Document: 0000950103-26-006921-index.html | 0000950103-26-006921 |
| Document: 0000950103-26-006921.txt | 0000950103-26-006921 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 6, 2026 16w ago | 425 | $13.20 | awaiting T+20 | — | — |
Jul 6, 2026 16w ago | 8-K | $13.20 | awaiting T+20 | — | — |
Jun 15, 2026 19w ago | DEFM14A | $13.18 $13.22 | ▲ +0.30% | ▲ +0.10% | — |
Jun 3, 2026 20w ago | PREM14A | $13.19 $13.20 | ▲ +0.08% | ▲ +1.45% | — |
May 7, 2026 24w ago | DEFA14A | $13.18 $13.18 | · 0.00% | ▼ −0.02% | — |
May 7, 2026 24w ago | DEFA14A | $13.18 $13.18 | · 0.00% | ▼ −0.02% | — |
May 7, 2026 24w ago | 8-K | $13.18 $13.18 | · 0.00% | ▼ −0.02% | — |
May 7, 2026 24w ago | 8-K | $13.09 $13.12 | ▲ +0.23% | ▼ −2.91% | — |
Apr 17, 2026 27w ago | 8-K | $9.96 $13.10 | ▲ +31.53% | ▲ +27.32% | — |
Mar 4, 2026 33w ago | 8-K | $9.89 $9.18 | ▲ +7.18% | ▲ +3.39% | — |
US Market Status
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