Offer rises for National Home Health Care
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- May
- 21
The saga over the sale of National Home Health Care Corp. continued today when the Scarsdale-based provider of home health care services said it received a potentially sweetened offer from one of its suiters.
Premier Home Health Care Services Inc. of White Plains, which saw its $12.75 per share in cash offer rejected last week because of financing details, is back at the table.
The new offer keeps the per-share price but includes new details on how Premier will pay for the deal, including the elimination of a $20 million cash requirement that worried a special committee of National Home’s board. Other new details include an option for Premier to pay a portion of the merger consideration to Frederick H. Fialkow, National Home’s chief executive officer, by promissory note.
National Home is waiting for a new financing commitment letter from Premier.
A special committee of the board met today and said the new offer should be pursued to exercise the board’s fiduciary duties.
National Home also received an offer of $12.50 a share from Angelo Gordon & Co., a Manhattan investment bank.
That’s higher than the $11.35 or $11.50 a share Angelo Gordon originally offered. That deal brought on a lawsuit from National Home shareholders who claimed managers were underselling the value of the company.
Angelo Gordon has the right to cancel its merger plans if National Home’s board fails to recommend against the Premier proposal by the close of business tomorrow.
This entry was posted
on Monday, May 21st, 2007 at 5:58 pm by Julie Moran Alterio.
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Category: Corporate doings, Mergers & acquisitions
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