Integrated extends Community Care offer

Maryland Watch

September 06, 1997

Integrated Health Services of Owings Mills yesterday extended its $4-a-share offer for Community Care of America for two more weeks, until Sept. 18. The offer was to have expired Thursday.

Integrated said it had received tenders of more than 93 percent of Community Care's shares, but granted the extension "in order to receive all of the necessary approvals under state change of ownership, health care licensure and certificate of need laws and regulations and all other required consents of third parties."

The deal was announced just over a month ago. It would mean that Integrated, which operates a variety of post-hospital care services, would pay $94 million in cash and assumed debt for Community Care. The Naples, Fla.-based company operates 54 nursing homes, concentrated primarily in rural areas including Colorado, Nebraska and Iowa.

Integrated operates a variety of post-hospital care services at some 1,000 sites in 45 states.

Integrated has been growing rapidly through acquisitions, including a pending $900 million deal for RoTech Medical Corp., which provides home respiratory care and medical equipment.

Pub Date: 9/06/97

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