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COLUMBIA HOSPITAL CORPORATION AND BASIC AMERICAN MEDICAL ANNOUNCE JULY 15 MERGER VOTE

 COLUMBIA HOSPITAL CORPORATION AND BASIC AMERICAN MEDICAL
 ANNOUNCE JULY 15 MERGER VOTE
 FORT WORTH, Texas, June 23 /PRNewswire/ -- Columbia Hospital Corporation (NASDAQ: CHOS) and Basic American Medical, Inc. (NASDAQ: BAMI) today announced that both companies have scheduled special meetings of their respective stockholders on July 15, 1992. At the meetings, shareholders will be asked to approve a proposed merger of the two companies. If so approved, Basic American will be merged with and into a wholly-owned subsidiary of Columbia, which will be the surviving corporation.
 Under the terms of the proposed merger, which is subject to approval by the shareholders of Columbia and Basic American and certain other conditions, each Basic American shareholder will exchange 1.0 share of common stock for 1.1 shares of Columbia's common stock in a tax-free exchange. Each Basic American shareholder will be provided the opportunity to receive a portion of the exchange amount in cash. This option will permit Basic American shareholders to receive $6 per share in cash with the balance in Columbia common stock. Basic American shareholders electing the cash option will be taxed on the cash portion of the exchange value.
 Basic American Medical, Inc., based in Indianapolis, Ind., owns seven general acute care hospitals with 1,163 licensed beds. Basic American's assets and revenues are primarily associated with its four hospitals (874 beds) located in Southwest Florida, centered around the Ft. Myers market area. Basic American also owns a medical products company, a rehabilitation services provider, and a healthcare prescription services company.
 Based in Fort Worth, Texas, Columbia Hospital Corporation currently operates 13 general acute-care hospitals and two psychiatric hospitals with 3,373 licensed beds in five markets. A leader in healthcare services in Miami, Fla. and El Paso, Texas, Columbia recently expanded in the Houston market with the purchase of two additional hospitals. Columbia also owns various related businesses in its markets, including outpatient diagnostic centers, outpatient physical therapy centers, outpatient surgery centers, a cardiac rehabilitation/wellness center, lithotripsy services and an outpatient radiation therapy center. Additionally, Columbia owns Sutter Corporation, which markets orthopedic rehabilitation equipment and services for use in both the home and the hospital.
 -0- 6/23/92
 /CONTACT: Stewart J. Campbell of Columbia Hospital Corp., 817-870-5900, or Brady R. Justice of Basic American Medical, 317-787-2400, or Anthony J. Russo or Susan Noonan of Noonan/Russo Communications, Inc., 212-979-9180, for Columbia Hospital/
 (CHOS BAMI) CO: Columbia Hospital Corporation; Basic American Medical, Inc. ST: Texas, Indiana IN: HEA SU: TNM


TQ-TS -- NY009 -- 2715 06/23/92 09:30 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
Words:423
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