ResCare Enters Into Definitive Acquisition Agreement With Onex Partners III

ResCare Inc RSCR has entered into a definitive agreement with Onex Corporation’s affiliate Onex Partners III LP. Onex will acquire all the outstanding shares of RSCR, under the agreement. Onex will purchase the RSCR’s shares for $13.25 per share in cash, representing a 30.7% premium to RSCR’s closing price on August 13, 2010. The tender offer is likely to begin on September 22, 2010. It is scheduled to expire on October 20, 2010, if not extended as per the terms of the definitive agreement and law. Ronald G. Geary, Chairman of the Board and the Special Committee, said, "After a thorough and extensive evaluation process, the Special Committee and our Board have endorsed this transaction with Onex as being in the best interests of our company, its shareholders and the people who depend on our services. The tender offer by Onex requires that a majority of the public shares be tendered, which gives individual shareholders the opportunity to make their own evaluation of the transaction." RSCR’s shares surged 6.10% to $13.21 at 12:32 pm. Read more from Benzinga's Company news.