Genesis ElderCare Corp. Extends Tender Offer for Common Stock of The Multicare Companies Inc. to Sept. 30, 1997.KENNETT SQUARE, Pa.--(BW HEALTHWIRE)--Sept. 11, 1997--Genesis ElderCare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. Corp. announced Thursday that it has extended the period during which its tender offer for shares of common stock of The Multicare Companies Inc. ("Multicare") will remain open to 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Tuesday, Sept. 30, 1997, unless further extended. The extension has been made in order to allow for the receipt of governmental approvals the receipt of which are conditions to the consummation of the tender offer. Filings required to be made by Genesis ElderCare Corp. prior to consummation of the tender offer are undergoing review by various regulatory agencies. In certain cases, Genesis ElderCare Corp. expects it will need waivers by regulatory agencies of certain regulations or other relief in order to receive the required approvals. While Genesis ElderCare Corp. believes that these approvals will be obtained, further extension of the tender offer may be necessary in order to allow time for such approvals to be obtained, and no assurance can be given that such approvals ultimately will be obtained. As of the close of business on Sept. 10, 1997, approximately 24.7 million shares of common stock of Multicare had been validly tendered in connection with the tender offer. Genesis ElderCare Corp. was formed by Genesis Health Ventures Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ), The Cypress Group L.L.C. and TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général Partners II, L.P. to acquire Multicare. CONTACT: Genesis Health Ventures Inc. George V. Hager, Jr., Senior V.P. and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 610/444-6350 |
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