Premier's latest offer for National Home Health considered superior to Angelo Gordon's bid

By Lisa Kerner

Charlotte, N.C., May 24 - National Home Health Care Corp. said a revised offer from Premier Home Health Care Services, Inc. constitutes a superior proposal under its current agreement with affiliates of Angelo Gordon & Co.

The latest offer from Premier removes the $20 million additional cash requirement of its May 21 proposal and reduces the break up fee to $1.25 million, from $2 million.

Premier also provided National Home Health with a revised financing commitment.

Angelo Gordon has the right to match the terms of the superior proposal within four business days, according to a company news release.

As a result of the latest offer, National Home Health expects to adjourn its stockholders meeting currently scheduled for May 29.

On May 10, National Home Health entered into an amended plan of merger with affiliates of Angelo Gordon that upped the offer price to $12.50 per share in cash from $11.50 per share and eliminated the $7.9 million minimum EBITDA condition.

The special committee at that time determined the offer to be superior to the $12.00-per-share offer made by Premier, a prior news release stated.

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

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