Key Developments For Odyssey Healthcare Inc
Odyssey Healthcare Inc (ODSY.O) (Nasdaq)
Odyssey Healthcare, Inc. Announces Acquisition Of Avalon Hospice
Odyssey Healthcare, Inc. announced that it has acquired the Flint, Michigan-based Avalon Hospice program. The transaction, which was completed on December 31, 2008.
Odyssey Healthcare, Inc. Completes Acquisition Of VistaCare, Inc.
Odyssey Healthcare, Inc. announced the completion of its previously announced acquisition of VistaCare, Inc. pursuant to a short-form merger under Delaware law. In the merger, Odyssey acquired all the remaining outstanding shares of VistaCare that had not been acquired by Odyssey in the recently completed tender offer. The remaining shares, by virtue of the merger, were converted into the right to receive $8.60 per share in cash. The transaction was valued at approximately $148 million.
Odyssey Healthcare, Inc. Announces Completion Of Initial Offering Period In Tender Offer For Vistacare, Inc. And Commencement Of Subsequent Offering Period
Odyssey Healthcare, Inc. announced the expiration of the initial offering period of the tender offer by its indirect wholly owned subsidiary, OHC Investment, Inc., for all outstanding shares of class A common stock (including the associated preferred stock purchase rights) of VistaCare, Inc. The initial offering period expired, as scheduled, at 12:00 midnight, New York City time, on February 27, 2008. The depositary for the offer has advised Odyssey that, as of the expiration of the initial offering period, a total of approximately 14,212,491 shares of VistaCare class A common stock were validly tendered to OHC Investment and not properly withdrawn, including approximately 609,813 shares tendered under guaranteed delivery procedures, which represented approximately 84% of the outstanding shares of class A common stock of VistaCare. All shares that were validly tendered and not properly withdrawn have been accepted for purchase. Odyssey also announced that OHC Investment has commenced a subsequent offering period to acquire all remaining shares of VistaCare class A common stock at the same $8.60 per share cash price offered in the initial offering period. Now that Odyssey indirectly owns a majority of VistaCare's outstanding shares, the subsequent offering period will give VistaCare's non-tendering stockholders the opportunity to receive $8.60 per share in cash on an expedited basis by tendering their shares during the subsequent offering period.
Odyssey Healthcare, Inc. To Acquire VistaCare, Inc.
Odyssey Healthcare, Inc. announced that it has signed a definitive agreement to acquire VistaCare, Inc. for $8.60 per share, or approximately $147.1 million. Completion of the transaction is expected in the first quarter of 2008.
Odyssey Healthcare, Inc. Withdraws FY 2007 Guidance
Odyssey Healthcare, Inc. announced that based on its actual earnings through the first half of 2007, it is withdrawing its previously issued earnings guidance for 2007. In light of the difficulty in estimating the timing of when the Company's various initiatives will positively impact the Company's operating performance, the Company will not be providing updated earnings guidance at this time. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.62 on revenue of $426.26 million for fiscal 2007.
