Kindred bid more hostile?
Kindred Healthcare increased its bid for Gentiva Health Services to about $534 million, and plans to take the offer directly to shareholders.
“Although Gentiva's board has put in place a poison pill, we are moving forward with an all-cash tender offer to demonstrate our commitment ...,” Kindred Chief Executive Paul J. Diaz said.
In May, Gentiva disclosed a poison-pill plan with a 15% trigger, in an effort to thwart the takeover. Gentiva's board wrote to Kindred it believes its plan to stand alone “will generate substantially more value to our shareholders.”