National Home Health shareholder says better deal was available
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- January
- 16
A shareholder of Scarsdale-based National Home Health Care Corp. said this morning it believes that the company turned down at least one purchase offer that would have meant a greater return for shareholders than the one it accepted.
Lawndale Capital Management LLC of Mill Valley, Calif., which owns 7 percent of National Home Health’s shares, said in a filing with the U.S. Securities and Exchange Commission that it has been in touch with “a number of reputable parties� that would have been interested in participating in the sale of National Home Health but they were never informed the company was for sale.
Lawndale has been trying to block the proposal of National Home Health to sell the company to affiliates of Anglo, Gordon & Co., a New York City investment group, for $11.35 to $11.50 a share. In its SEC filing this morning, Lawndale said “evidence suggests� that certain member of National Home Health’s management and board may have breached their fiduciary duties by proposing the agreement with Anglo, Gordon.
The company’s shares were quoted at $11.56, up 4 cents, at 9:55 a.m.
This entry was posted
on Tuesday, January 16th, 2007 at 10:39 am by Allan Drury.
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Category: Mergers & acquisitions
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