National Home Health: Latest Premier offer of $12.75 per share possibly superior to Angelo Gordon deal

By Lisa Kerner

Charlotte, N.C., May 16 - National Home Health Care Corp. said a new proposal from Premier Home Health Care Services, Inc. offers to acquire the company for $12.75 per share in cash.

The proposal is subject to financing and includes an additional payment of about $0.25 per share to cover break-up fees and expenses related to National Home Health's deal with Angelo Gordon & Co.

National Home Health's special committee believes this latest offer from Premier would reasonably be expected to lead to a superior proposal under the company's current agreement with Angelo Gordon.

Angelo Gordon's affiliates have the right to terminate the amended and restated agreement and plan of merger if National Home Health's board fails to recommend against the Premier proposal by the close of business on May 16, a company news release stated.

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

That offer was deemed by National Home Health's board to be superior to the $12.00 per share offer made by Premier. At that time, National Home adjourned its previously announced special meeting of stockholders to approve the transaction until May 29, with the transaction expected to close on or before Oct. 15.

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.