Living Centers of America and GranCare Announce Additional Terms of Merger Transaction and Management Structure

PR Newswire | June 16, 1997 | Copyright

HOUSTON and ATLANTA, June 16 /PRNewswire/ -- Living Centers of America, Inc. (NYSE: LCA) and GranCare, Inc. (NYSE: GC) today announced significant advances in the merger of the two companies (May 8, 1997 release). The management structure to guide the merger has been established. In addition, the merger agreement has been amended, and the board composition has been revised.

Certain terms of the contemplated merger have been amended. Rather than being exchanged for stock in the combined company, 10 percent of GranCare's outstanding common stock will be canceled ...

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