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News Breaks
May 23, 2014
17:02 EDTGTIV, KNDGentiva Health adopts shareholders rights plan
The Board of Directors of Gentiva Health Services (GTIV) announced that it has adopted a limited duration shareholder rights plan and declared a dividend of one right on each share of the company's common stock outstanding as of close of business on June 3. The Rights Plan was adopted following the company's rejection of the unsolicited, non-binding proposal by Kindred Healthcare (KND) to acquire Gentiva for $14.00 per share in Kindred stock and cash, as it significantly undervalues Gentiva, is inadequate and is not in the best interests of the company or its shareholders. Commenting on behalf of the Board, Rod Windley, Executive Chairman of Gentiva, said: "As significant equity holders, the Gentiva Board is fully aligned with the interests of our fellow shareholders. The Board unanimously adopted this Rights Plan to ensure that it remains in the best position to perform its fiduciary duties and to ensure that the value we are creating accrues to Gentiva and not to someone else looking to opportunistically appropriate that value. We are confident that we can best deliver significant value by continuing to execute our One Gentiva initiative and look forward to sharing more details about our plans and prospects with our shareholders in the coming weeks." In the absence of further action by the Board and subject to certain exceptions, the rights generally will become exercisable and allow holders to acquire the company's common stock at a discounted price if a person or group acquires beneficial ownership of 15% percent or more of the company's common stock in a transaction not approved by the Board. In that situation, rights held by persons or groups that exceed the 15% threshold will be void. The rights will expire on May 20, 2015 unless earlier redeemed, exchanged or terminated by the company.
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August 13, 2014
18:55 EDTKNDOn The Fly: After Hours Movers
UP AFTER EARNINGS: Aspen Technology (AZPN), up almost 3% after reporting better than expected Q4 results and giving Q1 and FY15 guidance on its earnings conference call. ALSO HIGHER: Kindred Healthcare (KND), up more than 1% after Point72 reported a 5.1% passive stake in the company. DOWN AFTER EARNINGS: Cisco Systems (CSCO), down 1.2% after reporting Q4 results, giving Q1 guidance, and announcing that it is cutting 8% of its workforce... Noodles & Company (NDLS), down 21.2% after reporting Q2 results and "tempering" its FY14 outlook... Conatus Pharmaceuticals (CNAT), down 13.6% after reporting Q2 results and announcing it is deferring the results of its NAFLD/NASH clinical trial to 1Q15. ALSO LOWER: Amgen (AMGN), down 2.15% after announcing the Phase 3 Kyprolis FOCUS clinical trial did not meet its primary endpoint.
16:17 EDTKNDPoint72 Asset reports 5.1% passive stake in Kindred Healthcare
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