Odyssey HealthCare Stockholders Approve Proposed Acquisition by Gentiva Health Services
10 August 2010 - 3:14AM
Business Wire
Odyssey HealthCare, Inc. (NASDAQ: ODSY), one of the largest
providers of hospice care in the United States, today announced
that its stockholders have adopted the previously announced merger
agreement providing for the acquisition of Odyssey by Gentiva
Health Services, Inc. (NASDAQ: GTIV). At today’s special meeting of
Odyssey stockholders, holders of approximately 80.4% of the
outstanding shares of Odyssey common stock entitled to vote at the
meeting voted to adopt the merger agreement and approve the
merger.
“We are pleased with the outcome of today’s vote and appreciate
the support of our stockholders,” said Bob Lefton, Odyssey’s Chief
Executive Officer.
If the proposed merger is completed, Odyssey’s stockholders will
receive $27 in cash for each outstanding share of Odyssey common
stock they hold.
Odyssey expects to complete the proposed merger on or about
August 16, 2010.
About Odyssey HealthCare, Inc.
Based in Dallas, Texas, Odyssey is one of the largest providers
of hospice care in the country in terms of both average daily
patient census and number of locations. Odyssey seeks to improve
the quality of life of terminally ill patients and their families
by providing care directed at managing pain and other discomforting
symptoms and by addressing the psychosocial and spiritual needs of
patients and their families.
Forward-looking Statements
Certain statements contained in this press release and that will
be contained in the presentation are forward-looking statements
within the meaning of the federal securities laws. Such
forward-looking statements are based on management’s current
expectations and are subject to known and unknown risks,
uncertainties and assumptions which may cause the forward-looking
events and circumstances discussed in this press release and in the
presentation to differ materially from those anticipated or implied
by the forward-looking statements. The Company faces additional
risks, uncertainties and assumptions associated with the Agreement
and Plan of Merger, dated as of May 23, 2010, among the Company,
Gentiva Health Services, Inc. and GTO Acquisition Corp. (attached
as Exhibit 2.1 to the Company’s Current Report on Form 8-K as filed
with the Securities and Exchange Commission on May 24, 2010).
Such risks, uncertainties and assumptions include, but are not
limited to, the expected timing of the completion of the
transaction; management plans regarding the transaction; the
inability to complete the transaction due to the failure to satisfy
the conditions required to complete the transaction; the risk that
the businesses of the Company and Gentiva will not be integrated
successfully, or will take longer than anticipated; the risk that
expected cost savings from the transaction will not be achieved or
unexpected costs will be incurred; any statements of the plan,
strategies and objectives of management for future operations; the
risk that disruptions from the transaction will harm relationships
with employees, referral sources, patients and suppliers; and the
outcome of litigation and regulatory proceedings to which we may be
a party. Many of these factors are beyond the ability of the
Company to control or predict. Given these uncertainties, readers
are cautioned not to place undue reliance on such forward-looking
statements, which reflect management’s views only as of the date
hereof. The Company undertakes no obligation to revise or update
any of the forward-looking statements or publicly announce any
updates or revisions to any of the forward-looking statements
contained in this press release and in the presentation to reflect
any change in the Company’s expectations with regard thereto or any
change in events, conditions, circumstances or assumptions
underlying such statements.
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