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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