Nov. 5, 2014, 5:18 PM
Oct. 9, 2014, 12:46 PM
Oct. 9, 2014, 9:27 AM
- Kindred Healthcare (NYSE:KND) acquires Gentiva Health Services (NASDAQ:GTIV) for $19.50 per share in a cash-and-stock transaction. Under the terms of the agreement, Gentiva shareholders will receive $14.50 per share in cash and 0.257 shares of KND stock ($5.00 based upon the mutually-agreed-upon fixed exchange ratio).
- The deal should be finalized in Q1 2015.
Oct. 9, 2014, 9:14 AM
Aug. 5, 2014, 11:17 AM
- Gentiva Health Services (GTIV +0.8%) Q2 results: Net Revenues: $498.0M (+20.2%); Gross Profit: $230.7M (+18.0%); Operating Expenses: $189.1M (+16.8%); Operating Income: $41.6M (+23.8%); Net Income: $10.0M (+51.5%); EPS: $0.27 (+35.0%); Quick Assets: $106.2M (+22.1%); CF Ops: $32.6M (+219.6%).
- 2014 Guidance: Revenues: $1.96B - 2.0B; non-GAAP EBITDA: $183M - 195M; non-GAAP EPS: $0.95 - 1.15.
Aug. 5, 2014, 7:11 AM
Aug. 4, 2014, 5:30 PM
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Jul. 21, 2014, 5:42 PM
- In a letter to the BOD of Gentiva Health Services (GTIV -0.1%), Kindred Healthcare (KND +1.8%) CEO Paul Diaz offers to acquire 100% of the company for $17.25 per share. This matches the offer from the undisclosed suitor mentioned in Gentiva's July 17 press release and represents a 7.8% premium to its previous bid of $16.00.
Jul. 18, 2014, 12:45 PM
Jul. 18, 2014, 9:02 AM
Jul. 17, 2014, 6:01 PM
- Gentiva Health Services (NASDAQ:GTIV) +9.9% AH after rejecting Kindred Healthcare's (NYSE:KND) latest offer to buy a stake, saying it received a more valuable bid for the whole company from a party it identifies only as "a recognized owner, operator and investor in the sector."
- In rejecting KND's $16/share offer for a 14.9% stake, GTIV says the new suitor offered $17.25/share for all of its shares.
- GTIV says its board and advisers will review the new bid in due course, while saying KND's offer for the 14.9% position "would only be used as an irritant."
Jul. 17, 2014, 5:35 PM
Jul. 9, 2014, 8:38 AM
- Gentiva Health Services (GTIV) reports that Q2 revenues will be at least $496M, EBITDA $52M and diluted EPS at least $0.33.
- The company also reaffirms its 2014 guidance: net revenues: $1.9B - 2.1B; adjusted EBITDA: $177M - 195M; diluted EPS: $0.85 - 1.15.
- The company should report final Q2 results in late July.
Jul. 1, 2014, 10:24 AM
- The BOD of Gentiva Health Services (GTIV +1.3%) unanimously rejects Kindred Healthcare's (KND +0.1%) $14.50 per share cash offer saying it significantly undervalues the company and is not in the best interests of GTIV shareholders. The BOD also notes that KND's latest offer is not materially different from its earlier offers made on April 14 and May 5, which the BOD also rejected.
- The specific reasons for the rejection are: the offer is opportunistic in exploiting a temporary decrease in GTIV's stock price; the offer significantly undervalues Gentiva; the offer attempts to improve Kindred's operations in home health and hospice at the expense of Gentiva's shareholders and it has received oral inadequacy opinions and advice from its financial advisors.
- Schedule 14D-9
Jun. 27, 2014, 6:45 PM
- In a letter to Gentiva's (GTIV +1.4%) CEO and Chairman, Kindred Healthcare (KND +1.3%) Chief Paul J. Diaz implores them to sit down at the negotiating table to discuss what he perceives as a very lucrative $14.50 per share offer. Mr. Diaz seems a bit insecure about closing the deal considering Gentiva's refusal to discuss his offer and market rumors that Gentiva is mulling a takeover of Amedisys (AMED +29.8%).
Jun. 16, 2014, 5:58 PM
- Gentiva Health Services (GTIV) +4.6% AH after Kindred Healthcare (KND) sweetens its offer for the home health and hospice company to $14.50/share, $0.50 more than the $14/share it proposed last month; KND -1.6% AH.
- The new bid brings the value of the deal to $573M, although the total package could reach as much as $1.7B if debt is included.
- KND says it plans to offer at least 9M common shares to raise funds for the proposed acquisition; if the takeover isn't completed, KND says it would use the funds toward other potential acquisitions or for other purposes including paying down debt.
- KND also reaffirms its 2014 guidance, expecting income from continuing operations of $1.05-$1.25 per diluted share vs. analyst consensus $1.16 and consolidated revenues of ~$5.2B vs. $5.14B consensus.
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