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July 29, 2014
08:04 EDTGTIV, KNDKindred reiterates commitment to acquisition of Gentiva for $17.25/share cash
Kindred Healthcare (KND) reiterated its commitment to its proposed combination with Gentiva Health Services (GTIV). As previously announced on July 21, Kindred is willing to enter into a negotiated agreement to acquire all of the outstanding shares of Gentiva for $17.25 per share in cash, subject to due diligence. Kindred is also prepared to enter into appropriate confidentiality and standstill agreements in order to facilitate discussions. Kindred believes that the value Gentiva shareholders would receive through a combination with Kindred is superior to what Gentiva could create on a standalone basis or through a transaction with any third party. Kindred said it is willing and able to quickly execute an all-cash transaction with no financing contingency at $17.25 per share. In addition to offering Gentiva shareholders an all-cash consideration, Kindred is willing to work with Gentiva to structure a transaction under which Gentiva shareholders could elect to receive a mix of cash and stock, enabling them to participate in the significant upside potential of the combined company. Kindred noted that it has already received antitrust approval for its proposed combination with Gentiva. Kindred CEO Paul Diaz, said, “We are as committed as ever to reaching agreement on a value-creating combination of Kindred and Gentiva, and we stand ready to quickly execute an all-cash transaction with no financing condition. We are eager to work with Gentiva, and look forward to entering into appropriate confidentiality and standstill agreements so that we can start the due diligence process. We are confident that constructive dialogue between our two companies will allow us to deliver the value inherent in the proposed combination to our respective shareholder groups, as well as our patients and employees.”
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