National Home Health Care to pursue Premier Home Health's revised acquisition proposal

By Lisa Kerner

Charlotte, N.C., Feb. 21 - Following National Home Health Care Corp.'s rejection of its previously announced proposal, Premier Home Health Care Services, Inc. submitted a new proposal offering to acquire the company for $12.oo per share and reducing the breakup fee to $3.0 million, from a maximum of $3.55 million.

The special committee of National Home Health's board of directors recommended unanimously that the revised proposal be pursued, according to a company news release.

Affiliates of Angelo Gordon & Co. said it believes National Home Health's discussions with Premier Home Health Care Services may violate the agreement and plan of merger between Angelo Gordon and National Home Health.

Angelo Gordon, company management and Eureka Capital Partners were seeking to acquire the company for between $11.35 and $11.50 per share.

The board of the Scarsdale, N.Y., home health care and staffing services company also rejected Scott-Macon Ltd.'s interest in investing in National Home Health, citing lack of information.

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