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AmSurg (ASMG) Stock Declines on Rebuffed Bid for Rival Team Health

NEW YORK (TheStreet) -- Shares of AmSurg (AMSG - Get Report) are down by 5.21% to $74.02 at the start of trading on Tuesday, after the physician services outsourcing company offered to buy rival Team Health (TMH) for $71.47 per share in cash and stock, according to the Wall Street Journal.

Team Health has rebuffed the offer however, according to the Journal's sources, and is instead looking to complete an acquisition it announced in August.

The bid is worth a total of $7.8 billion, with the per share purchasing price representing a potential 36% upside from Team Health's closing price yesterday.

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AmSurg proposed the merger in an October 12 letter to Team Health's board that it made public today.

Both companies have market caps of about $3.8 billion and ownership of the combined combined would be split evenly between the two sets of shareholders.

Team Health shares are up 15.28% to $60.30 today.

Separately, TheStreet Ratings...