(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