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Ranieri leads bid for Apria
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October 13, 1997: 8:53 p.m. ET
Ex-Salomon legend directs $1.4 billion offer for home health-care firm
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NEW YORK (CNNfn) - Transworld HealthCare Inc. said Monday said it has offered to buy the nation's largest home health-care company, Apria Healthcare Group Inc., for more than $1.4 billion.
The offer was made together with Transworld's largest stockholder, Hyperion Partners II L.P., led by one-time Salomon Brothers trader Lewis S. Ranieri.
Apria announced in late September that it was considering a merger, sale or capital restructuring. At that time, the Costa Mesa, Calif.-based company hired Goldman Sachs to serve as its financial advisor.
Apria said it is considering the bid. "The proposal will be studied along with others as part of the process already underway," Jeremy Jones, Apria's chairman and chief executive, said in a statement.
The deal would provide a substantial return to Apria investors, Ranieri wrote in a letter to its board.
Transworld is offering $925 million -- $14 in cash and $4 in common stock in exchange for each outstanding share of Apria common stock. In addition, Transworld would assume about $550 million in Apria debt, a Transworld spokeswoman said.
"As a result, the current Apria shareholders will have a substantial ownership position in the combined entity," Ranieri said.
-- Robert Liu
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TransWorld HealthCare
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