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Plano-based U.S. Renal Care, Inc. ("USRC"), a privately-held leading provider of outpatient dialysis services, announced that it is extending its previously announced cash tender offer, through its wholly owned subsidiary Urchin Merger Sub, Inc., for all outstanding shares of common stock of Dialysis Corporation of America (NASDAQ: DCAI), until 5 p.m., New York City time, on June 1, unless further extended. The tender offer was previously set to expire at midnight, New York City time, on May 19.
USRC anticipates that on or about May 24, the conditions set forth in the debt commitment letter, dated as of April 13, between USRC and Royal Bank of Canada (including the entering into of definitive credit agreements with the lenders) will have been satisfied, other than those customary conditions which by their nature must be satisfied substantially simultaneously with the funding of the financing underlying the debt commitment letter. Accordingly, to comply with applicable rules of the Securities and Exchange Commission, USRC is extending the expiration date of the offer as set forth above, such that five business days remain in the offer following the satisfaction of the financing condition. USRC is filing an amendment to its Schedule TO to reflect this extension of the offer.
Upon the satisfaction of the conditions in the debt commitment letter, USRC will make a further announcement to that effect and will file an amendment to its Schedule TO expressly stating that the applicable conditions specific to the financing set forth in the debt commitment letter have been satisfied. At such time, USRC will ensure that at least five business days remain in the offer, or will extend the offer so that at least five business days remain in the offer.
As of the close of business on May 12, 2,119,383 shares of DCA common stock had been tendered in and not withdrawn from the offer.
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