LOUISVILLE, Ky., Dec. 20, 2010 (GLOBE NEWSWIRE) -- ResCare, Inc. (Nasdaq:RSCR) announced today that its shareholders have approved the share exchange through which an entity sponsored by Onex Partners III, L.P. ("Onex"), an affiliate of Onex Corporation (TSX:OCX), will complete the acquisition of all of ResCare's stock not currently held by Onex and its affiliates under the terms of the previously announced share exchange agreement between Onex and ResCare.
In the share exchange transaction under Kentucky law, each outstanding share of ResCare common stock that was not acquired by Onex in the first-step tender offer completed on November 16, 2010, will be exchanged for $13.25 in cash. The share exchange agreement provides that following shareholder approval, the closing of the share exchange must occur no later than December 30, 2010, subject to the satisfaction of customary conditions.
About ResCare
ResCare, founded in 1974, offers services to some 60,000 people in 41 states, Washington, DC, Puerto Rico and certain international locations. ResCare is a human services company that provides residential, therapeutic, job training and educational supports to people with developmental or other disabilities, to elderly people who need in-home care, to youths with special needs and to adults who are experiencing barriers to employment. The Company is based in Louisville, Kentucky. More information about ResCare is available on its web site at .
The Company from time to time makes forward-looking statements in its public disclosures, including statements relating to revenues that might be expected from new or acquired programs and facilities, other statements regarding development and acquisition activities, statements regarding reimbursement under federal and state programs and statements regarding various trends favoring downsizing, deinstitutionalization and privatization of government programs. These statements include, but are not limited to, statements relating to the offering of the Notes and the anticipated use of proceeds therefrom. In the Company's filings under the federal securities laws, including its annual, periodic and current reports, the Company identifies important factors that could cause the Company's results to differ materially from those contained in such forward-looking statements. Please refer to those disclosures.
CONTACT: ResCare, Inc. David W. Miles, Chief Financial Officer 502-394-2137