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ResCare Gets $365.4 Million Buyout Offer From Canada's Onex

DOW JONES NEWSWIRES ResCare Inc. (RSCR) said Monday it received a proposal from Toronto-based investment firm Onex Corp. (ONEXF, OCX.T) to buy the stake of company it doesn't already own, valuing the provider of home care to the elderly and people with disabilities at $365.4 million. The $12.60 a share, made Saturday, is a 24% premium to Friday's closing price. The stock has declined 31% in the past year. Affiliates of Onex currently hold common and preferred stock that represents a 24.9% voting stake in the company. ResCare said its board has formed a committee of independent directors to evaluate the offer. In its proposal letter, Onex notes an agreement would give ResCare a 30-day period to solicit alternative offers, with a termination fee equal to 3% of the company's equity valued at the higher offer price. Onex has been making small acquisitions of late, in March announcing that it had bought Sport Supply Inc. (RBI) for about $172 million. Earlier this month, ResCare said its profit rose 14% even as revenue declined 2.3%, with President and Chief Executive Ralph G. Gronefeld Jr. calling the company's performance "solid despite the extremely difficult economic environment." -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Res-care (RSCR)
DateTimeHeadline
08/16/201008:26:52ResCare Gets $365.4 Million Buyout Offer From Canada's Onex

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