Rejects Kindred offer; receives alternative proposal from another party at $17.25/shr
- Determined to reject the partial tender offer from Kindred Healthcare, Inc. to acquire 14.9% of the outstanding shares of Gentiva for a price of $16.00 per share in cash (the "Offer"). The Board determined that the Offer significantly undervalues Gentivas shares, is coercive and not in the best interests of Gentiva stockholders. Accordingly, the Board recommends that Gentiva stockholders reject the Offer and not tender their shares into the Offer.
In addition, the Board said it has received today a proposal from a recognized owner, operator and investor in the sector to acquire all of the outstanding shares of Gentiva common stock for $17.25 per share in cash (the Alternative Proposal). The Alternative Proposal is based on publicly available information and is subject to financing and due diligence, as well as final internal approvals and the execution of a definitive transaction agreement. The Board will review the Alternative Proposal carefully, in consultation with its financial and legal advisors, in due course. The Alternative Proposal was accompanied by support letters from major financial institutions, subject to customary conditions.