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Biotech / Medical : Apria Healthcare forum -- Ignore unavailable to you. Want to Upgrade?

To: Tony van Werkhooven who wrote (22)	2/4/1998 7:59:00 AM
From: Craig	Respond to of 52

Apria near deal to sell 26 pct stake - WSJ NEW YORK, Feb 4 (Reuters) - Apria Healthcare Group Inc (AHG - news) is close to signing a deal that would give a group led by Joseph Littlejohn & Levy a 26 percent stake, the Wall Street Journal said Wednesday in its electronic edition. Citing people involved in the deal, the newspaper said the agreement includes a $242 million, $14-a-share tender offer for 17.3 million of Apria's shares outstanding. JLL and its partner, an affiliate of Canadian Imperial Bank of Commerce (NYSE:BCM - news; CM.TO - news), will also buy 12.3 million Apria shares and warrants exercisable into an additional five million shares at $20 each, the newspaper said. The JLL-led investor group will make an equity investment of $172 million in Apria, and borrow about $70 million to fund the $14-a-share tender offer, the newspaper said. The CIBC affiliate, CIBC WG Argosy Merchant Fund 2 LLC, is a private investment fund in New York. JLL is a private New York-based company, the newspaper said. The agreement is set to be announced Wednesday, the Journal said. In addition, the newspaper, citing people close to the situation, said a new Apria CEO would likely be tapped with track-record in health care turnarounds.