Kindred Healthcare is continuing to pursue purchasing Gentiva Health Services, but it’s dropping its offer buy 14.9% of the outstanding shares of Gentiva for $16 per share in cash.
 
Kindred, of Louisville, Ky., recently announced it is willing to enter into a negotiated agreement to acquire all of the outstanding shares of Gentiva for $17.25 per share in cash.
 
Kindred has worked for several months to acquire Gentiva. But in mid-July, Gentiva said an unnamed party had submitted a proposal to acquire it for $17.25 a share in cash. In response, Kindred said it would be prepared to enter into an agreement for the same amount, “provided that we are permitted to conduct diligence to confirm such additional value is warranted.”
 
“We are as committed as ever to reaching agreement on a value-creating combination of Kindred and Gentiva, and we stand ready to quickly execute an all-cash transaction with no financing condition,” Kindred Chief Executive Officer Paul J. Diaz says in a release.