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Gentiva's Odyssey purchase clears waiting period

Wed, 07/07/2010 - 5:45am
The Associated Press

Home health care provider Gentiva Health Services Inc. said Wednesday a required waiting period has expired for its $912 million acquisition of hospice firm Odyssey HealthCare Inc. and it expects to complete the deal in the third quarter.

Gentiva, which is based in Atlanta, said the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired at 11:59 p.m. Tuesday.

Gentiva said in May it would pay $27 for each Odyssey share, which marked a 40 percent premium to the shares' closing price then. Based on Odyssey's 33.8 million shares outstanding at March 31, the deal was valued at $912.3 million.

Odyssey is based in Dallas.

The companies said the deal will create a hospice care provider with an average daily patient census of about 14,000 and operations in 30 states. They anticipate the combination will create a company with more than $1.8 billion in annual revenue.

Gentiva shares rose 12 cents to $23.13 in morning trading Wednesday, while Odyssey shares rose 7 cents to $26.59.

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