LHC Group's stock will be halted immediately following the after-hours session on Feb. 22, according to a Feb. 16 notice from Nasdaq. The delisting comes as the home health company's acquisition by UnitedHealth is tentatively scheduled to close prior to the market open Feb. 23, subject to pending regulatory approval.
UnitedHealth's Optum in March agreed to buy Lafayette, La.-based LHC Group in a $5.4 billion deal.
The proposed deal has come under federal scrutiny. In June, the Federal Trade Commission requested additional information regarding the proposed acquisition. In December, the companies said they had complied and expected the deal to close in the first quarter of 2023. The termination date for the agreement was also extended until March 28.
CTFN reported Jan. 31 that the FTC was not expected to challenge the acquisition. The FTC had reportedly been reviewing the deal under a "potential vertical harm theory."
If the merger closes as anticipated, the stock will remain halted on the day of closing and will be suspended effective Feb. 24, according to the Nasdaq notice.