I was hoping someone would fill us both in. Go to any of the news providers such as my.yahoo.com and search on hhca:
HARTFORD, Conn. and KING of PRUSSIA, Pa., Dec. 12 /PRNewswire/ -- Home Health Corporation of America, Inc. (Nasdaq: HHCA - news) and US HomeCare Corporation (OTC Bulletin Board: USHO - news) confirmed today that shareholders meetings to vote on the previously announced definitive merger agreement have not yet been scheduled. Consummation of the transaction is subject to the receipt of shareholder approval and satisfaction of other customary conditions to closing. The definitive agreement may be terminated by either party if the transaction is not completed by February 28, 1998.
The principal factor affecting the scheduling of shareholders meetings is a broad based review and investigation of the personal care industry being conducted by the office of the New York State Attorney General. Based on information circulated by an industry organization, the review and investigation began in November with a number of New York providers of personal care services, including US HomeCare. As part of this review and investigation, the Attorney General served these providers with subpoenas for production of documentation. US HomeCare is cooperating with the investigation and has asked for an expeditious review.
US HomeCare believes that the services under review are New York State Medicaid programs which involve personal care attendant services. US HomeCare is a long term provider of such services in over ten counties within the State. US HomeCare is subject to frequent, independent reviews and audits of its operations and its Medicare/Medicaid participation on an ongoing basis by county, state, and federal agencies.
Bruce Feldman, CEO of HHCA said, ''We are committed to completing the transaction and believe the merger will be beneficial for shareholders of HHCA and USHO. However, at this time, we are not prepared to complete the merger until the impact of the Attorney General's investigation on USHO can be determined.''
SOURCE: Home Health Corporation of America, Inc. |
