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July 9, 2014
08:17 EDTKND, GTIVGentiva Health says Kindred Healthcare offer 'substantially undervalues' company
Rod Windley, Executive Chairman of Gentiva (GTIV), says “Kindred’s (KND) offer grossly undervalues Gentiva and is not in the best interest of Gentiva stockholders.” The company notes, "Kindred’s opportunistic offer substantially undervalues Gentiva . The timing of the offer seeks to exploit a temporary decline in Gentiva’s share price; Kindred’s offer attempts to set a value for Gentiva before the Company’s financials fully reflect the benefits of recent and substantial strategic initiatives and investments; Applying Gentiva’s peers’ average valuation multiple to the mid-point of Gentiva’s recently released 2014 Adjusted EBITDA guidance implies a standalone stock price significantly higher than Kindred’s offer, even before accounting for expected synergies and a control premium; Gentiva’s scale as one of the largest providers of home-based healthcare services in the nation, the diversity of its services, as well as its superior operating margins make it an industry leader; and Industry leaders within the healthcare services sector have historically traded and/or transacted at premium valuations as compared to their respective peer groups. Kindred’s proposal would eliminate the ability of Gentiva’s stockholders to capture the significant value and upside associated with: The continued integration of Harden; The strategic and operational efficiencies of One Gentiva." The Gentiva Board encourages all stockholders to view the presentation, which has also been posted on the Investors section of the company’s website, and urges stockholders not to tender their shares to Kindred.
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