Odyssey HealthCare set to acquire VistaCare following close of subsequent tender offer

By Lisa Kerner

Charlotte, N.C., March 5 - Odyssey HealthCare, Inc. said some 1.74 million shares of VistaCare, Inc. stock were tendered in the subsequent offering period ended March 4.

A total of 15,945,818 shares, or 94%, of VistaCare class A common stock have been validly tendered to and accepted by Odyssey subsidiary OHC Investment during the initial tender offer and the subsequent offering period, a company news release stated.

Odyssey and its affiliates own a sufficient number of shares to effect a short-form merger. The company said it will complete the merger as soon as practicable.

OHC Investment will merge with and into VistaCare, with VistaCare becoming an indirect wholly owned subsidiary of Odyssey. VistaCare's class A common stock will cease being listed on Nasdaq.

It was previously reported that VistaCare shareholder Accipiter Capital Management urged fellow investors to withhold their shares, believing the $8.60-per-share offer price was too low.

Total value of the offer was estimated at $147.1 million.

Both VistaCare and Odyssey are hospice care providers. VistaCare is located in Scottsdale, Ariz., and Odyssey is based in Dallas.

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