A Medical Device Daily

Odyssey HealthCare (Dallas) reported the expiration of the initial offering period of the tender offer by its indirect wholly owned subsidiary, OHC Investment (also Dallas) for all outstanding shares of class A common stock (including the associated preferred stock purchase rights) of VistaCare (Scottsdale, Arizona).

The initial offering period expired, as scheduled, at 12 midnight, EST, on Wednesday.

The depositary for the offer has advised Odyssey that, as of the expiration of the initial offering period, a total of some 14,212,491 shares of VistaCare class A common stock were validly tendered to OHC Investment, including 609,813 shares tendered under guaranteed delivery procedures, which represented approximately 84% of the outstanding shares.

All shares that were validly tendered have been accepted for purchase.

Odyssey also reported that OHC Investment has begun a subsequent offering period to acquire all remaining shares of VistaCare common stock at the same $8.60-per-share cash price offered in the initial offering period.

As provided in the definitive merger agreement by between VistaCare and Odyssey’s affiliates, Odyssey intends to complete the merger of OHC Investment with and into VistaCare as soon as practicable following the subsequent offering period.

In the merger, Odyssey will indirectly acquire all remaining outstanding VistaCare shares for cash of $8.60 per share. Completion of the merger is conditioned on the adoption of the merger agreement by the holders of a majority of the outstanding shares of VistaCare common stock, which is assured now that Odyssey indirectly owns a majority of the outstanding shares.