Rebuffed by the management team of Atlanta-based Gentiva, Kindred is taking its proposal to shareholders and this week launched a tender offer at $14.50 per share to build up to a 14.9% stake.
The offer represents an increase from the original $14 a share bid last month and values Gentiva at $573 million.
Gentiva said its board is reviewing Kindred's offer and will file a formal recommendation within 10 business days of June 16. In the meantime, it urged shareholders to take no action on the tender offer.
The home health and hospice company already has a poison pill in place that would prohibit any entity from acquiring more than 15% of the company without approval.
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