Home Health Business Quarterly

Companies in the news

In Home Health completes merger

In Home Health Inc. (IHHI) has completed its merger with Manor Care Inc. of Toledo, OH, and is now a wholly owned subsidiary of Manor Care, which paid $3.70 per share for 39% of IHHI, representing an 88% premium over IHHI’s closing price the day before the transaction.

McKessonHBOC goes virtual

McKessonHBOC of San Francisco, a supply management and health care information technology company, has launched Supply Management On-line to offer real-time ordering, tracking, and management of pharmaceutical and medical-surgical products. Customers can go to www.mckessonhboc.com and perform on-line product research, order, review contract information, analyze reports, make payments, and review pharmacy claims reimbursement edits. It also integrates with handheld PDA devices.

Senior Care completes $70 million transaction

To expand its portfolio of diverse, age-restricted communities, Senior Care Industries Inc. of Laguna Beach, CA, has acquired a portfolio of real estate assets from Tri-National Development Corp. The value of four properties located in the Baja, CA, resort area is $70.2 million, including assumed debt of $9.6 million. The net value of the transaction is $60.5 million. The acquisition results in an increase of Senior Care’s net shareholder equity from $10.2 million as reported in the company’s most recent quarterly report to $70 million. The transaction increases the book value of Senior Care shares as reported at the end of the first quarter from 97 cents to $7.05 per share.

The properties acquired include approximately 650 acres of land to be developed as an age-restricted community, as well as a 16-acre oceanfront senior timeshare development site, a 112-unit condominium project under construction, and a 170,000-square-foot shopping mall under construction with an adjacent 15-acre oceanfront senior housing site. Senior Care intends to complete the construction under way and will develop the 650-acre site and the oceanfront properties.