Medical Facilities Corporation Announces Change in Corporate Strategy and Board

Goodmans LLP represented Medical Facilities Corporation (MFC) in connection with its change in corporate strategy after engagement with shareholders, including Converium Capital Inc.

To give effect to that changed strategy, MFC agreed to suspend acquisitions, divest its non-core assets, pursue overhead cost reductions and undertook a substantial issuer bid by way of a "modified Dutch auction". MFC also implemented changes to its board of directors, including appointment of a new Chair and two new independent directors.