Renal Care Group Shareholders OK Merger
Posted on: Wednesday, 24 August 2005, 15:01 CDT
NASHVILLE, Tenn. - Renal Care Group Inc. shareholders voted overwhelmingly Wednesday to approve a $3.5 billion merger with Fresenius Medical Care AG that would make it one of the world's biggest dialysis care companies.
The acquisition, which is expected to close by the end of 2005, is currently under review by the Federal Trade Commission, which will determine if the deal raises "anti-competitive concerns," according to a statement released by Renal Care Group.
In May, Fresenius Medical Care AG of Germany said it would pay $48 a share for Nashville-based Renal Care. The deal is subject to regulatory approval in the United States and Europe.
Shares of Renal Care Group were up 3 cents to $46.93 in early afternoon trading on the New York Stock Exchange.
Renal Care Group, which is a specialized dialysis services company that provides care to patients with kidney disease, serves over 31,900 patients at more than 450 owned outpatient dialysis facilities, in addition to providing acute dialysis services at more than 210 hospitals. Over 9,200 associates provide services across the company's 34-state network.
Fresenius is one of the biggest dialysis providers worldwide, treating nearly 126,000 patients at more than 1,630 clinics in Europe, Asia, Africa and Latin and North America.
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On the Net:
http://www.renalcaregroup.com
Source: Associated Press/AP Online
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