Transaction Expected to Close in Summer of 2018
LOUISVILLE, Ky.--(BUSINESS WIRE)--Apr. 5, 2018--
Kindred Healthcare, Inc. (“Kindred” or the “Company”) (NYSE:KND) today
announced that at its special meeting of stockholders, stockholders
approved the transaction with affiliates of TPG Capital, Welsh, Carson,
Anderson & Stowe and Humana Inc. (NYSE:HUM) (together, the
“consortium”). The final vote results will be reported on a Form 8-K
filed with the Securities and Exchange Commission.
Benjamin A. Breier
, President and Chief Executive Officer of Kindred,
said, “We are pleased that the transaction with the consortium received
the broad support of our stockholders in recognition of the robust
process undertaken by the Board to achieve maximum value. We look
forward to completing the transaction in the coming months and
delivering premium cash value to our stockholders.”
The transaction is expected to close in the summer of 2018.
Barclays and Guggenheim Securities, LLC are serving as financial
advisors to Kindred and Cleary Gottlieb Steen & Hamilton LLP is serving
as legal counsel.
About Kindred
Kindred Healthcare, Inc., a top-105 private employer in the United
States, is a FORTUNE 500 healthcare services company based
in Louisville, Kentucky with annual revenues of approximately $6.0
billion. At December 31, 2017, Kindred’s continuing operations, through
its subsidiaries, had approximately 85,300 employees providing
healthcare services in 2,471 locations in 45 states, including 75 LTAC
hospitals, 19 inpatient rehabilitation hospitals, 13 sub-acute units,
608 Kindred at Home home health, hospice and non-medical home care sites
of service, 99 inpatient rehabilitation units (hospital-based) and
contract rehabilitation service businesses which served 1,657
non-affiliated sites of service. Ranked as one of Fortune magazine’s
Most Admired Healthcare Companies for nine years, Kindred’s mission is
to promote healing, provide hope, preserve dignity and produce value for
each patient, resident, family member, customer, employee and
shareholder we serve. For more information, go to www.kindredhealthcare.com. You can also follow us on Twitter and Facebook.
Forward-Looking Statements
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are often identified by words such as
“anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,”
“project,” “could,” “would,” “should,” “will,” “intend,” “hope,” “may,”
“potential,” “upside,” “seek,” “continue” and other similar expressions.
Such forward-looking statements are inherently uncertain, and
stockholders and other potential investors must recognize that actual
results may differ materially from Kindred’s expectations as a result of
a variety of factors. Such forward-looking statements are based upon
management’s current expectations and include known and unknown risks,
uncertainties and other factors, many of which Kindred is unable to
predict or control, that may cause Kindred’s actual results,
performance, or plans to differ materially from any future results,
performance or plans expressed or implied by such forward-looking
statements. Risks and uncertainties related to the proposed transactions
include, but are not limited to, the occurrence of any event, change or
other circumstance that could give rise to the termination of the merger
agreement; the failure of the parties to satisfy conditions to
completion of the proposed merger, including the failure of the parties
to obtain required regulatory approvals; the risk that regulatory or
other approvals are delayed or are subject to terms and conditions that
are not anticipated; changes in the business or operating prospects of
Kindred or its homecare business or hospital business; changes in
healthcare and other laws and regulations; the impact of the
announcement of, or failure to complete, the proposed merger on our
relationships with employees, customers, vendors and other business
partners; and potential or actual litigation. In addition, these
statements involve risks, uncertainties, and other factors detailed from
time to time in Kindred’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K filed with the Securities
and Exchange Commission.
Many of these factors are beyond Kindred’s control. Kindred cautions
investors that any forward-looking statements made by Kindred are not
guarantees of future performance. Kindred disclaims any obligation to
update any such factors or to announce publicly the results of any
revisions to any of the forward-looking statements to reflect future
events or developments.
Source: Kindred Healthcare, Inc.
Media
Susan E. Moss, 502-596-7296
Kindred Corporate
Communications
or
Investors and Analysts
Todd
Flowers, 502-596-6569
Kindred Investor Relations