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VistaCare wants shareholders to evaluate Accipiter's claims for themselves
By Lisa Kerner
Charlotte, N.C., Feb. 8 - VistaCare, Inc. acknowledged receipt of Accipiter Capital Management's letter stating its opposition to the company's acquisition by Odyssey HealthCare, Inc.
In response, VistaCare urged its shareholders to review its quarterly earnings release for the first fiscal quarter ended Dec. 31 slated for release on Feb. 11, according to a company news release.
Shareholders were also encouraged to review VistaCare's schedule 14D-9 filed with the Securities and Exchange Commission on Jan. 30 in order to evaluate the "validity of certain assumptions" made by Accipiter.
Odyssey HealthCare reaffirmed its commitment to complete the $8.60-per-share tender offer for VistaCare in a separate statement released on Friday.
The tender offer, which began on Jan. 30, is set to expire at midnight ET on Feb. 27.
As previously reported, Accipiter said it believes the per-share offer price for VistaCare is inadequate and suggested the company could be valued at $11.50.
The shareholder and its affiliates own 10% of VistaCare's stock. They stated their opposition to the deal in a schedule 13D filing with the Securities and Exchange Commission.
In addition, they encouraged fellow VistaCare shareholders not to tender their shares.
According to Accipiter, VistaCare's board is selling the company at a discount and not a premium. The per-share offer price "represents a 7% discount from VistaCare's stock price when its board of directors announced it was reviewing strategic alternatives in May 2007," an Accipiter letter to the VistaCare board stated.
Accipiter would like VistaCare to remain a standalone entity and continue to execute on its turnaround plan.
Odyssey agreed to acquire VistaCare for $147.1 million in a deal set to close in the first quarter.
Both VistaCare and Odyssey are hospice care providers. VistaCare is located in Scottsdale, Ariz., and Odyssey is based in Dallas.
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