Cross Country Healthcare, Inc. (NASDAQ: CCRN) today announced the termination of its Agreement and Plan of Merger with Aya Holdings II Inc., a Delaware corporation, Spark Merger Sub One Inc., a Delaware corporation and a wholly owned subsidiary of Parent and, solely for purposes of Section 11.14 thereto, Aya Healthcare, Inc. In connection with the termination of the Merger Agreement, Aya Healthcare is required to pay Cross Country Healthcare a termination fee of $20 million.
As previously disclosed, the consummation of the Merger Agreement was subject to the satisfaction of a number of closing conditions, including, without limitation, the successful completion of a review by the U.S. Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Following a request for additional information from the FTC received on February 20, 2025 by the Company and Aya Healthcare in connection with the Merger Agreement, each of the Company and Aya Healthcare certified to the FTC on August 29, 2025 that they had substantially complied with the Second Request. As a result of discussions with the FTC, the HSR waiting period was initially set to expire on November 17, 2025.
CCRN shares sank $1.91, or 20.2%, to $7.54.
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