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LIVING CENTERS OF AMERICA COMPLETES VARI-CARE ACQUISITION

 HOUSTON, Oct. 4 /PRNewswire/ -- Living Centers of America, Inc. (NYSE: LCA), announced today that it completed the previously announced acquisition of Vari-Care by Living Centers of America. The acquisition expands the number of facilities operated by Living Centers from 217 to 239 and increases bed capacity approximately 13 percent from 19,344 to 21,881. In addition, as a result of the acquisition, Living Centers enters its tenth state of operation, Alabama.
 "The merger represents a significant growth opportunity for our company. We plan to integrate the Vari-Care operations quickly into Living Centers as we expand our services into new key long-term care markets," said Living Centers of America Chairman and Chief Executive Officer Edward L. Kuntz.
 As a result of the merger transaction, the separate corporate existence of Vari-Care ceased and the surviving corporation in the merger, a wholly owned subsidiary of Living Centers, was renamed Vari- Care, Inc. Trading of Vari-Care's stock on NASDAQ ceased as of the close of business on Sept. 30, 1993. In the merger, each share of Vari- Care common stock has been converted into the right to receive $3.3653 in cash and 0.2239 of a share of Living Centers common stock, resulting in the issuance of approximately 1,200,000 shares of Living Centers common stock.
 Living Centers of America, headquartered in Houston, is the fourth largest provider of long-term health care in the United States. Including the Vari-Care acquisition, Living Centers operates 239 centers in ten states: Texas, Colorado, Florida, Oklahoma, Alabama, Arizona, Louisiana, Nebraska, Wyoming, and Mississippi.
 -0- 10/4/93
 /CONTACT: Sydney Boone, 713-578-4715, or Dorothy Wiley, 713-578-4650, both of Living Centers/
 (LCA)


CO: Living Centers of America, Inc.; Vari-Care, Inc. ST: Texas, Alabama IN: HEA SU: TNM

PS-GK -- NY005 -- 8316 10/04/93 11:15 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:299
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