Bain Makes Non-Binding Bid to Acquire Rest of Surgery Partners

Bain Capital has offered to buy the outstanding shares that it doesn’t already own in health-care facility operator Surgery Partners Inc. for $25.75 apiece in cash.

Brentwood, Tennessee-based Surgery Partners said in a statement on Tuesday that it received the non-binding proposal from Bain on Jan. 27. Bain already holds a stake of about 39% in Surgery Partners.

A special committee of independent directors of Surgery Partners’s board is expected to consider the proposal with independent advisers, according to the statement.

Shares in Surgery Partners rose as much as 21% on Tuesday for their biggest intra-day gain in more than ...