Dec 20 2010
ResCare, Inc. (Nasdaq:RSCR) announced today that its shareholders have approved the share exchange through which an entity sponsored by Onex Partners III, L.P. ("Onex"), an affiliate of Onex Corporation (TSX:OCX), will complete the acquisition of all of ResCare's stock not currently held by Onex and its affiliates under the terms of the previously announced share exchange agreement between Onex and ResCare.
In the share exchange transaction under Kentucky law, each outstanding share of ResCare common stock that was not acquired by Onex in the first-step tender offer completed on November 16, 2010, will be exchanged for $13.25 in cash. The share exchange agreement provides that following shareholder approval, the closing of the share exchange must occur no later than December 30, 2010, subject to the satisfaction of customary conditions.