National Home Health, Angelo Gordon affiliates amend acquisition agreement

By Lisa Kerner

Charlotte, N.C., April 3 - National Home Health Care Corp. entered into an amended agreement and plan of merger with affiliates of Angelo Gordon & Co., according to a company news release.

The amendment eliminates payment of expenses in the event of the acceptance of a superior proposal. It also increases the amount of time during which National Home Health's board and special committee may consider an acquisition proposal from a third party to 10 business days from 5 business days.

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

In February, National Home Health received a revised proposal from Premier Home Health Care to acquire the company for $12.00 per share, and the board of directors recommended unanimously that the proposal be pursued.

Company investor Lawndale Capital Management LLC had been critical of the deal with Angelo Gordon and blasted the board for not obtaining the maximum sale price for the company in a schedule 13D filing with the Securities and Exchange Commission.

National Home Health (Nasdaq: NHHC) closed at $11.71 on April 2.

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