ResCare Shareholders Approve Share Exchange With Onex
20 Dezembro 2010 - 10:30AM
ResCare, Inc. (Nasdaq:RSCR) announced today that its shareholders
have approved the share exchange through which an entity sponsored
by Onex Partners III, L.P. ("Onex"), an affiliate of Onex
Corporation (TSX:OCX), will complete the acquisition of all of
ResCare's stock not currently held by Onex and its affiliates under
the terms of the previously announced share exchange agreement
between Onex and ResCare.
In the share exchange transaction under Kentucky law, each
outstanding share of ResCare common stock that was not acquired by
Onex in the first-step tender offer completed on November 16, 2010,
will be exchanged for $13.25 in cash. The share exchange
agreement provides that following shareholder approval, the closing
of the share exchange must occur no later than December 30, 2010,
subject to the satisfaction of customary conditions.
About ResCare
ResCare, founded in 1974, offers services to some 60,000 people
in 41 states, Washington, DC, Puerto Rico and certain international
locations. ResCare is a human services company that provides
residential, therapeutic, job training and educational supports to
people with developmental or other disabilities, to elderly people
who need in-home care, to youths with special needs and to adults
who are experiencing barriers to employment. The Company is
based in Louisville, Kentucky. More information about ResCare is
available on its web site at http://www.rescare.com.
The Company from time to time makes forward-looking statements
in its public disclosures, including statements relating to
revenues that might be expected from new or acquired programs and
facilities, other statements regarding development and acquisition
activities, statements regarding reimbursement under federal and
state programs and statements regarding various trends favoring
downsizing, deinstitutionalization and privatization of government
programs. These statements include, but are not limited to,
statements relating to the offering of the Notes and the
anticipated use of proceeds therefrom. In the Company's
filings under the federal securities laws, including its annual,
periodic and current reports, the Company identifies important
factors that could cause the Company's results to differ materially
from those contained in such forward-looking
statements. Please refer to those disclosures.
CONTACT: ResCare, Inc.
David W. Miles, Chief Financial Officer
502-394-2137
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