National Home Health shareholders approve deal to receive $12.75 per share plus settlement

By Lisa Kerner

Charlotte, N.C., June 18 - National Home Health Care Corp. shareholders approved the amended merger agreement with affiliates of Angelo Gordon & Co. at a special meeting on June 15.

The agreement calls for National Home Health shareholders to receive $12.75 per share in cash in a transaction slated to close by Sept. 10.

Angelo Gordon consented to a settlement of the class action lawsuit in exchange for the payment of an additional $0.10 per share in cash to all National Home Health shareholders other than the directors and officers of the company and their families, according to a company news release.

National Home Health's special committee had determined that Premier Home Health Care Services, Inc.'s May 24 offer was no longer a superior proposal as defined in the Angelo Gordon agreement. Premier's last offer removed the $20 million additional cash requirement and reduced the break up fee to $1.25 million, from $2 million. Premier also provided National Home Health with a revised financing commitment.

On May 10, National Home Health entered into an amended plan of merger with Angelo Gordon that upped the offer price to $12.50 per share in cash from $11.50 per share and eliminated the $7.9 million minimum EBITDA condition.

National Home Health is a Scarsdale, N.Y., home health care and staffing services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.