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MANORCARE
News Release
FOR IMMEDIATE RELEASE
CONTACTS:
Manor Care
Geoffrey G. Meyers, Chief Financial Officer
419/252-5545
e-mail [email protected]
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IN HOME HEALTH MERGER COMPLETED
TOLEDO, Ohio and MINNETONKA, Minnesota, December 28, 2000 - Manor Care,
Inc. (NYSE:HCR) and In Home Health, Inc. (Nasdaq:IHHI) announced today the
completion of the merger of In Home Health with a subsidiary of Manor Care. In
Home Health's shareholders approved the merger at a special meeting held today.
As a result of the merger, In Home Health became a wholly owned subsidiary of
Manor Care and has been delisted from the Nasdaq National Market. Each
shareholder of In Home Health (other than those affiliated with Manor Care)
became eligible to receive $3.70 cash per share of In Home Health common stock.
"Joining Manor Care and In Home Health creates a leading provider of home
care and hospice services, with expected annual revenues of more than $200
million for these services in 2001," said Paul Ormond, Manor Care president and
chief executive officer. "Our home health care now comprises nearly 80 offices,
in 22 states. This geographic presence means we offer hospice services in more
markets than any other hospice provider in the United States."
Manor Care, Inc., through its operating group HCR Manor Care, is the
leading owner and operator of long-term care centers in the United States. The
company's 52,000 employees provide high quality care for residents and patients
through a network of more than 425 long-term care centers, assisted living
facilities and outpatient rehabilitation clinics. Additional services are
provided through 38 home health care offices. Alliances and other ventures
supply high-quality pharmaceutical products and management services for
professional organizations. The company operates primarily under the respected
Heartland, ManorCare and Arden Courts names. Manor Care is committed to being
the preeminent care provider in the industry. Manor Care common shares are
traded on the New York Stock Exchange under the ticker symbol HCR.
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.
Statements contained in this press release that are not historical facts may be
forward-looking statements within the meaning of federal law. Such
forward-looking statements reflect management's beliefs and assumptions and are
based on information currently available to management. The forward-looking
statements involve known and unknown risks, uncertainties and other factors that
may cause actual results, performance or achievements of the company to differ
materially from those expressed or implied in such statements. Such factors are
identified in the public filings made by the company with the Securities and
Exchange Commission and include changes in the health care industry because of
political and economic influences, changes in regulations governing the
industry, changes in the competitive marketplace, and changes in current trends
in the cost and volume of general and professional liability claims. There can
be no assurance that such factors or other factors will not affect the accuracy
of such forward-looking statements.
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