Kindred Healthcare, Inc. ("Kindred") (NYSE:KND) announced that it has completed the previously announced acquisition of RehabCare Group, Inc. ("RehabCare") (formerly NYSE:RHB) (the "Merger"). Upon consummation of the Merger, each issued and outstanding share of RehabCare common stock was converted into the right to receive 0.471 of a share of Kindred common stock and $26 per share in cash, without interest (the "Merger Consideration"). Kindred will issue approximately 12 million shares in connection with the Merger.
As a result of the Merger, Kindred is the largest and most diversified post-acute healthcare services company in the United States based upon revenues with operations in 46 states. On June 1, 2011, the combined company operated 121 long-term acute care ("LTAC") hospitals, 118 inpatient rehabilitation facilities ("IRFs") (primarily hospital-based units), 224 nursing and rehabilitation centers and is the largest provider of rehabilitation therapy contract services with approximately 1,870 rehabilitation therapy contracts. Following the Merger, Kindred will have approximately 76,000 employees.