American HomePatient Announces Five Business Day Extension of Self-Tender Offer and Modification of 90% Condition
August 26 2010 - 8:04AM
Business Wire
American HomePatient, Inc. (OTCBB: AHOM) (“American HomePatient”
or the “Company”), one of the nation’s largest home health care
providers, today announced that it is extending its previously
announced self-tender offer for all outstanding shares of common
stock of the Company at $0.67 per share, until 5:00 P.M., New York
City time, Wednesday, September 1, 2010, unless the tender offer is
further extended. The tender offer was previously set to expire at
5:00 P.M., New York City Time, Wednesday, August 25, 2010.
Furthermore, American HomePatient (with the consent of Highland
Capital Management, L.P. (“Highland”)) is modifying the tender
offer condition that the number of shares tendered, when added to
the number of shares owned by Highland and its affiliates,
constitutes at least 90% of the then outstanding shares of common
stock (the “Minimum Condition”). Instead of 90%, the Minimum
Condition will now be satisfied if the number of shares tendered,
when added to the number of shares owned by Highland and its
affiliates, constitutes at least 80% of the then outstanding shares
of common stock.
As of the close of business on August 25, 2010, 6,896,041 shares
of common stock had been tendered in and not withdrawn from the
offer. These tendered shares, when added to the number of shares
owned by Highland and its affiliates, constitute approximately 87%
of the outstanding shares of common stock.
American HomePatient, a Nevada corporation, is one of the
nation’s largest home health care providers with operations in 33
states. Its product and service offerings include respiratory
services, infusion therapy, parenteral and enteral nutrition, and
medical equipment for patients in their home.
This press release is for informational purposes only and does
not constitute an offer to purchase nor a solicitation of an offer
to sell any securities of American HomePatient. The solicitation
and offer to purchase shares of American HomePatient common stock
is being made pursuant to a tender offer statement on Schedule TO
and related exhibits, including the offer to purchase, letter of
transmittal, and other related documents filed on July 7, 2010 with
the SEC by American HomePatient and subsequently amended on July
22, 2010 and August 5, 2010 (and as they may be further amended
from time to time, including to modify the Minimum Condition).
These documents contain important information, including the terms
and conditions of the Offer. Investors and security holders of
American HomePatient common stock are urged to read each of these
documents and any amendments to these documents carefully prior to
making any decisions with respect to the Offer.
Certain statements made in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on management’s current expectations and
include known and unknown risks, uncertainties and other factors,
many of which the Company is unable to predict or control, that may
cause the Company’s actual results or performance to materially
differ from any future results or performance expressed or implied
by such forward-looking statements. These statements involve risks
and uncertainties, including, without limitation, risks and
uncertainties regarding the restructuring plan and its components
(including the self-tender offer), the ability to complete the
restructuring plan and the effect of not completing the
restructuring plan, the status of the Company’s secured debt,
current and future reimbursement rates, and reimbursement
reductions and the Company’s ability to mitigate the impact of the
reductions. These risks and uncertainties are in addition to risks,
uncertainties, and other factors detailed from time to time in the
Company’s filings with the Securities and Exchange Commission. The
Company cautions investors that any forward-looking statements made
by the Company are not necessarily indicative of future
performance. The Company is not responsible for updating the
information contained in this press release beyond the published
date, or for changes made to this document by wire services or
Internet services.