Atlanta, GA 8/10/2010 2:57:12 AM
News / Business

Odyssey (NASDAQ: ODSY) Shareholders Approve Acquisition by Gentiva (NASDAQ: GTIV)

Odyssey HealthCare Inc. (NASDAQ: ODSY) said Monday its shareholders approved a merger agreement allowing for the company's acquisition by Gentiva Health Services Inc. (NASDAQ: GTIV), according to Associated Press.

 

The deal is expected to be completed around Aug. 16.

 

Gentiva, a home health care provider, said in May it would pay $27 for each Odyssey share. Based on Odyssey's 33.8 million shares outstanding at March 31, the deal was valued at $912.3 million.

 

The companies said the deal will create a hospice care provider with an average daily patient census of about 14,000 and operations in 30 states. The combination will create a company with more than $1.8 billion in annual revenue, according to the company’s estimate.

 

Odyssey said Monday stockholders representing about 80 percent of its outstanding shares entitled to vote approved the merger.

 

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