Signify Health Shares Up 18% After Reports CVS Is Said To Buy Buy

After a report that CVS Health Corp. plans to submit a bid to acquire the provider of technology and services for home health, Signify Health Inc. rose before US markets opened Monday.

CVS, which has drug stores and provides health insurance, is one of the companies that are looking to submit initial bids this week, the newspaper wrote Sunday. The Journal reported last week that Signify, which has a stock market value of $4.66 billion as of Friday, was exploring strategic alternatives, including a possible sale. The shares rose by 18% in New York as of 7: 26 a.m.

There is no guarantee that the activity will culminate in a sale for Signify, according to the Journal. CVS and Signify representatives didn't want to comment on the deal speculation in emails to Bloomberg.

Chief Executive Officer Karen Lynch s has moved CVS to more types of interaction with patients, including primary care locations in its chain of drugstores. In an interview last week, Lynch said last week that we have been deliberate about our approach, which is to meet customers in the home, in the community, and through digital connections. CVS shares fell by 0.3% on Monday in thin premarket trading. The stock has fallen by 0.9% this year.

Signify has a platform that uses technology and analytics to support home health-care providers.

The company announced in July that it was re-establishing its Episodes of Care Services unit due to uncertainty over payment methods, to focus on its Home and Community Services unit. In its website, Signify refers to Episodes of Care as an all-inclusive health and payment model in which a single, bundled payment includes all services associated with the treatment for an illness, condition or medical event rather than a separate fee-for-service model. The wind-down was described by the company in an Aug. 4 filing. The Covid-19 pandemic continues to affect our Episodes of Care Services segment, as of June 30, 2022 due to the passage of time between episode initiation and the performance and subsequent recognition of revenue for our services, according to the filing.

Signify's shares have gone up 40% this year, closing at $19.87 on Friday. The company has a headquarters located in Dallas, while its US filings list Norwalk, Connecticut, as its principal executive office.

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