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LIVING CENTERS OF AMERICA SIGNS LETTER OF INTENT TO ACQUIRE VARI-CARE

 HOUSTON, June 14 /PRNewswire/ -- Living Centers of America, Inc. (NYSE: LCA) and Vari-Care, Inc. (NASDAQ: VCRE) jointly announced today that they have entered into a letter of intent for the acquisition of Vari-Care by Living Centers of America. The transaction is subject to approval by the boards of Living Centers of America and Vari-Care, the negotiation and execution of a definitive acquisition agreement, various governmental and third party approvals, and approval by the stockholders of Vari-Care.
 The purchase price is $8.00 for each of the 5,359,000 outstanding shares of Vari-Care (including warrants and options), payable in 1,200,000 shares of common stock of Living Centers of America and cash. The amount of cash is to be determined by a formula.
 Messrs. Robert H. Hurlbut, William F. Doud and Frank P. Di Marsico, who together own 51.5 percent of the stock of Vari-Care, have agreed to vote their shares in favor of the transaction.
 Vari-Care presently operates a total of 21 long-term healthcare facilities in Alabama (7), Arizona (5), Florida (4) and Texas (5) with a capacity of 2,469 residents. In addition, it has a 68-unit retirement apartment complex, a home health care agency and a pharmaceutical services company.
 Living Centers of America is the fourth largest provider of long- term healthcare in the United States. It operates 215 centers with a capacity of 19,367 residents in nine states: Texas, Colorado, Florida, Oklahoma, Louisiana, Nebraska, Wyoming, Arizona and Mississippi.
 The solicitation of the approval of the stockholders of Vari-Care, and the offering of common stock of Living Centers of America, will only be made by means of a proxy statement/prospectus filed under applicable securities laws.
 -0- 6/14/93
 /CONTACT: Edward L. Kuntz, 713-578-4704, or Lee D. Williams, 713-578-4627, both of Living Centers of America, Inc.; or Robert H. Hurlbut of Vari-Care, Inc., 716-325-6940/
 (LCA VCRE)


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

LR-OS -- NY025 -- 1497 06/14/93 10:04 EST
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Publication:PR Newswire
Date:Jun 14, 1993
Words:338
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