Chemed makes announcement.CINCINNATI--(BUSINESS WIRE)--Aug. 1, 1995--Chemed Corp. (NYSE NYSE See: New York Stock Exchange :CHE) announced today that it has terminated discussions with a special committee of the board of directors of Roto-Rooter Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ROTO ROTO Rotation ROTO Roll-Out and Turn-Off ) regarding the possible acquisition of the 41 percent minority interest in the common stock of Roto-Rooter not held by Chemed. The special committee rejected Chemed's most recent proposal, which contemplated the merger of Roto-Rooter into a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Chemed in which each outstanding share of common stock of Roto-Rooter would have been exchanged for 1.05 shares of Chemed common stock. The closing price of Chemed common stock on the NYSE yesterday was $33.75. The proposed merger would have been subject to, among other things, approval of at least a majority of the Roto-Rooter shares not beneficially owned by Chemed. The special committee of the board of directors of Roto-Rooter, which consists of Will J. Hoekman and Jerome E. Schnee, was established on May 15, 1995, to consider and negotiate a possible transaction. Chemed is currently evaluating its options with respect to its interest in Roto-Rooter and does not anticipate making any further comment with regard to the foregoing proposal or with regard to any future course of action unless and until a determination has been made to proceed with such course of action. Chemed Corp., headquartered in Cincinnati, is a diversified public corporation with strategic positions in medical and dental supply manufacturing for the alternate-care and hospital markets, home healthcare services, and hospice hospice, program of humane and supportive care for the terminally ill and their families; the term also applies to a professional facility that provides care to dying patients who can no longer be cared for at home. care; plumbing, drain cleaning, and appliance and air-conditioning repair and maintenance through the sale of service contracts; and sanitary sanitary /san·i·tary/ (san´i-tar?e) promoting or pertaining to health. san·i·tar·y adj. 1. Of or relating to health. 2. maintenance products and services. CONTACT: Chemed Corp., Cincinnati Timothy S. O'Toole, 513/762-6702 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion