July 14, 2014 / 12:01 PM / 3 years ago

CORRECTED-Kindred Healthcare raises offer for Gentiva to $16/share

(Corrects valuation of Gentiva in paragraph 1 to about $589 million from about $2.53 billion)

July 14 (Reuters) - Hospital operator Kindred Healthcare Inc raised its offer for Gentiva Health Services Inc to $16 per share, valuing the company at about $589 million.

Gentiva’s stock rose about 2 percent to $16.08 in trading before the bell on Monday.

The sweetened offer tops Kindred’s previous offer of $14.50 per share, which was rejected by the Gentiva board on June 30.

Kindred first offered $14 per share in May

The company is looking to acquire 14.9 percent of Gentiva’s shares, making it the largest shareholder, after Gentiva adopted a “poison pill” with a trigger of 15 percent.

Reporting by Natalie Grover in Bangalore; Editing by Sriraj Kalluvila

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