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Med Diversified of Jacksonville, FL, a provider of home health care products and home health services, will acquire Tender Loving Care Health Care Services Inc. (TLCHCS) of Lake Success, NY, through a cash merger.
Med Diversified will acquire all of the issued and outstanding stock of TLCHCS for $1 per share in cash, rather than $12 per share in stock as previously announced. Closing is subject to regulatory approval, approval of the board of directors of both companies and the shareholders of TLCHCS, and new employment agreements for its executives. Tender Loving Care provides home health care services at 87 locations in 22 states and the District of Columbia.