Peabody, Mass. and Franklin, Tenn. — PHC, Inc., d/b/a Pioneer Behavioral Health, a provider of inpatient and outpatient behavioral health services, announced today that its stockholders approved the merger of PHC, Inc., Acadia Healthcare Company, Inc. and Acadia Merger Sub, LLC, a wholly-owned subsidiary of Acadia.
The merger is expected to close on or about Nov. 1, subject to the satisfaction of the other conditions precedent to the closing of the Merger.
"We are pleased with the overwhelming support of our stockholders for our proposed merger," said Bruce A. Shear, president and CEO of PHC. "Eighty-nine percent of the Class A shares that voted, cast votes in favor of this transaction which represents an extraordinary turnout and shows the strong support our stockholders have for this transaction and the company."
Shear further noted that "this combination with the addition of the Acadia management team lead by its chairman, Joey Jacobs, provides the opportunity to grow significantly and further expand shareholder value."