Investigation launched into Select Medical board over $16.50/share merger deal fairness

Select Medical Holdings is under investigation by law firm Bleichmar Fonti & Auld for potential breaches of fiduciary duty by its board and senior management related to its pending $16.50 per share sale. The deal, announced in March 2026, involves a consortium including company insiders who can rollover shares, unlike public shareholders. The merger requires shareholder approval in June and could close soon after, limiting scrutiny time. The investigation questions whether the board acted fairly in negotiating and disclosing the merger terms to shareholders.