TORONTO and HOUSTON, May 26 /CNW/ - Northstar Healthcare Inc. (TSX:NHC) today announced that it has received an unsolicited takeover bid from Dr. Donald L. Kramer, a former CEO and former director of the Company, to acquire all the issued and outstanding common shares of Northstar Healthcare for Cdn $0.95 per common share.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, Northstar's Board of Directors will evaluate the unsolicited bid and will prepare and send a directors' circular to shareholders regarding the Kramer offer in accordance with applicable securities legislation on or before June 10, 2010.
Shareholders are advised to take no action until the Board provides a formal response to the unsolicited bid.
About Northstar Healthcare Inc.
Northstar owns and/or manages ambulatory surgery centres in the United States, focusing initially on Houston and other metropolitan areas in Texas. The Company currently holds interests in two ambulatory surgery centres in Houston - a 70% partnership interest in The Palladium for Surgery - Houston and a 60% partnership interest in Medical Ambulatory Surgical Suites.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Northstar Healthcare Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's web site at www.Northstar-Healthcare.com or at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Except as specifically required by applicable law, the Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
SOURCE Northstar Healthcare Inc.
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