Genesis Health Ventures Announces Satisfaction of Certain Conditions Related to Acquisition of Vitalink Pharmacy Services.KENNETT SQUARE, Pa.--(BW HealthWire)--June 23, 1998--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) ), a leading provider of eldercare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. services in the eastern and mid-western United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced developments in its agreement to acquire Vitalink Pharmacy Services, Inc. (NYSE:VTK VTK Visualization Toolkit VTK Vlaamse Technische Kring (Flemish Technical Circle; student organisation) VTK Vampyres.tk (website) VTK Vertical Track Distance VTK Visualization Tool Kit ). The Company announces that it has waived the financing condition contained in the Agreement and Plan of Merger between Genesis and Vitalink, as it has received an underwritten senior credit commitment to fund the cash portion of the transaction. The Company also announces the expiration of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976. Proxy statements Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. will be mailed out by Genesis and Vitalink on or about July 1, 1998. The proxies will be mailed to shareholders of record as of June 30, 1998 and a shareholders meeting has been scheduled for July 31, 1998. The transaction is subject to state regulatory and shareholder approval of both companies. The Company anticipates receiving the requisite state and shareholder approvals and expects to close the acquisition on or about July 31, 1998. Genesis Health Ventures, Inc., a recognized innovator in the healthcare industry, was founded in 1985 to redefine how America cares for the elderly and is dedicated to helping older adults live a full life as independently as possible in their later years. The Company, which consolidated its businesses under the brand name Genesis ElderCare in 1996, has established Genesis ElderCare Networks in five regional markets in the eastern United States and currently serves more than 150,000 customers daily. The above statements include forward-looking statements. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance. Numerous factors exist which could cause results to differ materially from these expectations.
CONTACT: Genesis Health Ventures, Inc.
George V. Hager, Jr.
Senior Vice President and
Chief Financial Officer
610/444-6350
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