National Home Health says Premier Home Health proposal could be superior to investor group's

By Lisa Kerner

Charlotte, N.C., April 19 - National Home Health Care Corp. received a new proposal from Premier Home Health Care Services, Inc. offering to acquire the company for $12.00 per share in cash.

The special committee of National Home Health met on April 18 and determined that the revised proposal would reasonably be expected to lead to a superior proposal as defined under the company's current agreement with affiliates of Angelo Gordon & Co.

National Health's board unanimously accepted the recommendation of the special committee, according to a company news release.

The company recently amended its agreement and plan of merger with affiliates of Angelo Gordon to eliminate payment of expenses in the event of the acceptance of a superior proposal. Angelo Gordon, company management and Eureka Capital Partners are seeking to acquire National Health for between $11.35 and $11.50 per share.

After Premier Home Health's initial proposal on Feb. 14 was rejected, it submitted an amended proposal on Feb. 21 that reduced the breakup fee to $3.0 million from a maximum of $3.55 million. In each of the company's proposals, the per-share price has been $12.00.

National Home Health is a Scarsdale, N.Y., home health care and staffing services company.

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