FRANKLIN, Tenn. (AP) -- Acadia Healthcare Co. said Friday that it priced a sale of 10.6 million shares of company stock for $22.50 per share.
The company, which runs mental health and addiction treatment centers, is selling 7 million shares of stock, and Acadia shareholders are selling the remaining 3.6 million being sold by shareholders. The underwriters of the offering will have the option to buy an additional 1.1 million shares from Acadia and 533,000 from the selling shareholders.
The company won't receive any money from the shares being sold by stockholders. It could receive as much as $180 million before expenses if all 8 million shares the company is selling are sold.
Acadia said it will use the proceeds of the sale to fund its proposed acquisitions of Behavioral Centers of America LLC and AmiCare Behavioral Centers LLC.
Acadia Healthcare shares closed at $22.84 Thursday and have traded as high as $24.83 in the past year. The stock fell 63 cents, or 2.8 percent, to $21.21 in morning trading.