AHP willing to consider takeover
BRENTWOOD, Tenn. - American HomePatient last week stated a "willingness to consider" an acquisition by any party, including Highland Capital Management.
"While we remain focused on executing our operating strategy for the company, our board of directors has been and continues to be willing to consider alternative strategies to enhance stockholder value," stated Joe Furlong, CEO of AHP, in a statement
Highland, which owns 10% of AHP's stock, made a bid to buy the company Feb. 27 for $3.40 per share--11% more than AHP's closing price on Feb. 24.
In a statement, AHP said it was reviewing and assessing the fund's offer. To help it do that, AHP has retained UBS Securities as its financial advisor.
AHP's not the first company to open its door to possible suitors. Apria stuck out a for sale sign last - mer (See HME News July 2005). The company took itself off the market by late 2005, however, because the price was never right.
At 265 centers in 34 states, AHP provides respiratory services, infusion therapy, parenteral and enteral nutrition and medical equipment for patients in their home.