Behavioral health-care servicing company Acadia Healthcare (Nasdaq: ACHC ) announced in a press release on its website today that it will offer nearly 9.6 million shares of stock, with the company offering 6 million and selling shareholders making up the rest.
The company's hoping to raise enough capital to finance planned acquisitions. Last month, Acadia announced that it planned to scoop up competitors Behavioral Centers of America and AmiCare Behavioral Centers for $145 million and $113 million, respectively. Acadia has sold stock to finance earlier acquisitions in 2012 as well.
The acquisitions will expand Acadia's number of inpatient beds by more than 25%, as well as open up the company's move into Ohio -- one of several states where BCA operates.
Acadia's offering will also allow underwriters to purchase an additional 536,000 shares of stock, and the company said it will not receive any proceeds from the sale.
Shares fell on the news, with the stock sinking nearly 3% on the day.