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Exhibit 99.1
IN HOME HEALTH, INC. ANNOUNCES APPOINTMENT OF NEW DIRECTORS; WITHDRAWAL OF
DEMAND FOR SPECIAL MEETING OF SHAREHOLDERS; AND RECEIPT OF ACQUISITION PROPOSAL
MINNETONKA, Minn., July 11, 2000 /PRNewswire/ --
In Home Health, Inc. (Nasdaq: IHHI) announced today that Stephen
Jessup, James J. Lynn, and Judith I. Storfjell, have resigned from In Home
Health's Board of Directors. The Board of Directors has appointed M. Keith
Weikel and Geoffrey G. Meyers, each of whom is an officer of Manor Care, Inc.,
to fill two of the vacancies created by the resignations. On June 28 and 29,
2000 a subsidiary of Manor Care purchased 1,146,735 additional shares of In Home
Health common stock. This increased Manor Care's holdings of In Home Health
common stock to a total of 3,396,735 shares, or 61.4% of the outstanding shares
of common stock. Manor Care also holds all outstanding shares of the Company's
Preferred Stock, which are convertible into an additional 3,333,334 shares of
common stock.
As a result of the appointment of Mr. Weikel and Mr. Meyers to the
Board of Directors, Manor Care has withdrawn its demand of May 31, 2000 that In
Home Health call a special meeting of shareholders, and plans for the special
meeting have been canceled. In Home Health intends to file and mail to
shareholders an Information Statement relating to the Board's intention to
appoint two additional members of the Board of Directors, Rodney A. Hildebrandt
and Steven M. Cavanaugh, who are also officers of Manor Care or its
subsidiaries.
On July 10, 2000 In Home's Board of Directors received a written
proposal from Manor Care to enter into a transaction in which the other
shareholders of In Home would receive $3.375 per share in cash for their shares
of In Home common stock. The Board has appointed a committee consisting of C.
Michel Ford and Eugene Terry to evaluate the proposal with the assistance of the
Company's investment bankers, and to conduct negotiations with Manor Care.
With annual revenues of approximately $87 million, In Home Health
specializes in providing quality comprehensive health care services to clients
of all ages in their homes. In Home Health provides these services through a
network of 39 offices in 20 markets located in 15 states.
