HealthEquity Inc. made an unsolicited offer to buy WageWorks Inc. for roughly $2 billion, in a deal that would combine two of the largest U.S. health-savings account (HSA) administrators.
Under the proposed terms of the transaction, HealthEquity would pay $50.50 a share in cash for WageWorks, which closed at $43.06 in trading on Monday. The offer was submitted to WageWorks on April 11, HealthEquity said in statement on Tuesday.
On Monday night, WageWorks disclosed that it had received an unsolicited, nonbinding proposal from HealthEquity and said that its board would carefully review it. WageWorks declined to comment further on Tuesday.
“We look forward to engaging with WageWorks management and board as quickly as possible,” HealthEquity Chief Executive Officer Jon Kessler said.