ResCare/Onex
.On September 7, 2010, ResCare, Inc. (Nasdaq: RSCR) announced that they have agreed to be acquired by Onex Partners III, L.P., an affiliate of Onex Corporation.
Purchase price is $13.25, which was a 30.7% preium over RSCRs August 13, 2010 closing price.
Affiliates of Onex currently own common and preferred stock representing approximately 24.9% of the Company's outstanding common stock, assuming conversion of the preferred stock.
The tender offer is scheduled to commence on September 22, 2010, and to expire at midnight on October 20, 2010, unless extended in accordance with the terms of the definitive agreement and applicable law.
ResCare will have until October 16 to solicit other offers, according to the terms of the agreement. If an alternative deal is reached, ResCare would have to pay a break-up fee of 2 percent of the value of the Onex deal.
The Special Committee has retained Goldman, Sachs & Co. as its financial advisor and Frost Brown Todd LLC as its legal counsel.
Purchase price is $13.25, which was a 30.7% preium over RSCRs August 13, 2010 closing price.
Affiliates of Onex currently own common and preferred stock representing approximately 24.9% of the Company's outstanding common stock, assuming conversion of the preferred stock.
The tender offer is scheduled to commence on September 22, 2010, and to expire at midnight on October 20, 2010, unless extended in accordance with the terms of the definitive agreement and applicable law.
ResCare will have until October 16 to solicit other offers, according to the terms of the agreement. If an alternative deal is reached, ResCare would have to pay a break-up fee of 2 percent of the value of the Onex deal.
The Special Committee has retained Goldman, Sachs & Co. as its financial advisor and Frost Brown Todd LLC as its legal counsel.
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