Court defers action in NHHC case
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- April
- 23
A judge in Delaware today put off ruling on a request from shareholders of National Home Health Care of Scarsdale for an injunction that would stop a proposed sale of the company to Angelo Gordon & Co., a Manhattan investment bank, a lawyer in the case said. Seth Rigrodsky, who represents the shareholders looking to stop the deal, said Chancery Judge Stephen Lamb wants to see whether National Home Health accepts a competing offer put on the table by Premier Home Health Care Services Inc. of White Plains. Premier offered to buy National for $12 a share. Gordon offered to buy National for $11.35 a share or $11.50 a share, depending on National’s earnings performance. Gordon has the right to match Premier’s latest offer, Michael Shef, a lawyer for National, said last week.
Gordon would collect about $2.3 million if National is sold to another party. The shareholders in the litigation say the Gordon offer is inadequate and that the break up fee in the merger agreement is excessive. National stock closed at $11.67, up 3 cents.
This entry was posted
on Monday, April 23rd, 2007 at 5:36 pm by Allan Drury.
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