National Home Health Care Corp. Board Rejects Offer as Not a Superior Proposal
18 January 2007 - 3:44AM
Business Wire
National Home Health Care Corp. (NASDAQ National Market:NHHC), a
provider of home health care and staffing services in the
Northeast, today reported that its Board of Directors rejected an
offer to purchase all of the outstanding shares of NHHC for $12.00
per share in cash as not constituting a Superior Proposal within
the meaning of the Agreement and Plan of Merger between the Company
and affiliates of Angelo Gordon & Co. previously announced. On
January 9, 2007 the Chairman of the Special Committee of the Board
of Directors of NHHC received a proposal from Premier Home Health
Care Services, Inc. offering to acquire all of the outstanding
shares of NHHC for $12.00 per share in cash. The proposal was
expressly subject to an open-ended due diligence out and a
financing condition and contained no information about the source
or likelihood of obtaining such financing. The Special Committee of
the Board of Directors met on January 15 and recommended
unanimously to the Board of Directors that the Board reject the
offer as not constituting a Superior Proposal and the Board of
Directors unanimously accepted the recommendation of the Special
Committee.
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