Olsten To Acquire Lifetime Corp
NEW YORK (AP) _ The Olsten Corp. will acquire Lifetime Corp. and its health and office services subsidiaries in a $600 million stock swap, the companies announced Monday.
The deal, which is subject to approval by regulators and shareholders of both companies, would give Lifetime shareholders $33.00 per share worth of Olsten stock.
Lifetime’s Kimberly Quality Care is a leading provider of home health care and supplemental staffing for medical institutions. Lifetime also owns ASB Meditest, a paramedical exam services company; Mentor Clinical Care, which provides psychiatric services; and Office Angels, a British temporary office personnel agency.
Lifetime had revenue of $900 million in 1992.
Olsten, based in Westbury, N.Y., operates Olsten Staffing Services, Olsten HealthCare and Olsten Professional Accounting Services.
The merger, expectd to be completed in late-August, would give Olsten businesses combined annual sales of more than $2 billion, according to Frank Liguori, Olsten’s chief executive officer.
Olsten stock ended down 25 cents at $27.00 on the American Stock Exchange, while Liftime rose $2.87 1/2 to close at $29.75 on the New York Stock Exchange.