Onex Offers To Buy ResCare

(Reuters) – ResCare Inc (RSCR.O) said it received a takeover proposal from Canadian private-equity firm Onex Corp (OCX.TO), valuing the U.S. provider of home care to the elderly and disabled at about $370 million.

The $12.60 per share offer represents a 24 percent premium to ResCare’s Friday closing price of $10.14.

ResCare’s board has formed a special panel to evaluate the offer, the company said in a statement.

Onex and its affiliates have a 24.9 percent voting stake in ResCare. (Reporting by Shailesh Kuber in Bangalore; Editing by Aradhana Aravindan)