Business Services Industry
Apria Healthcare And Vitas Healthcare Sign Settlement Agreement
Business Wire, Nov 26, 1996
COSTA MESA, Calif.--(HealthWire)--Nov. 26, 1996--Apria Healthcare Group Inc. (NYSE:AHG) announced today that it has signed a settlement agreement with Vitas Healthcare Corp. relating to the termination of the planned merger of the two companies.
Under the terms of the settlement agreement, Apria has paid $4 million to Vitas and each party has released the other from any and all claims, liabilities and other obligations in connection with the merger agreement.
In mid-November, Apria announced that it had exercised its rights to terminate the merger. Subsequently, Vitas advised Apria that it did not believe Apria had a basis to terminate the merger unilaterally and claimed that it had suffered certain damages as a result of the termination.
Related Results
With the settlement, Apria expects total fourth-quarter costs associated with the merger and its termination to be between $7 million and $10 million.
Apria provides and/or manages comprehensive integrated homecare services, including home infusion, respiratory therapy, home medical equipment, nursing and coordinated care through more than 350 locations serving patients in 49 states. Based in Costa Mesa, Calif., Apria is the nation's largest integrated home healthcare provider.
CONTACT: Apria Healthcare, Costa Mesa
Lawrence H. Smallen, 714/427-4935
or
Sheree L. Aronson, 714/427-4919
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