US medical helicopter company Air Methods explores sale
03 Feb 2017
US medical helicopter company Air Methods Corp is exploring a sale, The Wall Street Journal reported, citing people familiar with the matter.
The Colorado-based company, which has a market value of $1.4 billion, is working with bankers to find potential buyers, the report said.
Activist hedge fund Voce Capital Management, which holds 2.86 percent stake in Air Methods, criticized the company's board for offering ''no credible plan'' to boost its stock price, the report added.
Air Methods is the largest operator of medical helicopters in the US with more than 4,500 employees and a fleet of 450 helicopters and airplanes, having more than 300 bases of operations in 48 states.
Founded by Roy Morgan and began air medical operations in 1980, Air Methods provides emergency medical services to 100,000 patients every year,
In the third quarter, the company posted revenues of $311 million, profit of $81.8 million, a 22 per cent decline from the year-earlier period.