Hospital operator Kindred Healthcare Inc went hostile with a $533 million offer for Gentiva Health Services Inc, after the home healthcare services provider rejected the bid saying it could generate more value as a standalone company.Kindred said it made its $14-per-share offer public on Thursday since Gentiva was unwilling to discuss a potential deal to create a company with adjusted annual revenue of about $7.2 billion offering a full spectrum of services to an aging U.S. population.While it was not clear when or at what price Kindred first made an offer, the company on May 5 raised its bid to $14 per share, which Gentiva rejected on May 13, according to letters between the companies made public by Kindred.Analysts said the offer was a good "exit strategy" for Gentiva's shareholders as the stock has languished below Kindred's offer price since August 2011, despite acquisitions to boost growth.
Gentiva Health Services, Inc. (Gentiva) is engaged in providing home health services and hospice services. Shares of GTIV traded higher by 60.16% or $5.1379/share to $13.68. In the past year, the shares have traded as low as $7.35 and as high as $13.85. On average, 370323 shares of GTIV exchange hands on a given day and today's volume is recorded at 3900765.
Kindred Healthcare, Inc. is a healthcare services company that through its subsidiaries operates transitional care (TC) hospitals, inpatient rehabilitation hospitals (IRFs), nursing and rehabilitation centers, assisted living facilities, a contract rehabilitation services business and a home health and hospice business across the United States. Shares of KND traded higher by 6.93% or $1.52/share to $23.44. In the past year, the shares have traded as low as $12.02 and as high as $26.72. On average, 550080 shares of KND exchange hands on a given day and today's volume is recorded at 594177.
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