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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13E-3
RULE 13E-3 TRANSACTION STATEMENT
(PURSUANT TO SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934)
ROTO-ROOTER, INC.
(NAME OF ISSUER)
CHEMED CORPORATION
(NAME OF PERSON(S) FILING STATEMENT)
COMMON STOCK, PAR VALUE $1.00 PER SHARE 77878103
(TITLE OF CLASS OF SECURITIES) (CUSIP NUMBER OF CLASS OF SECURITIES)
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MR. KEVIN J. MCNAMARA
CHEMED CORPORATION
2600 CHEMED CENTER
255 EAST FIFTH STREET
CINCINNATI, OH 45202
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND
COMMUNICATIONS
ON BEHALF OF THE PERSON(S) FILING STATEMENT)
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COPIES TO:
RICHARD HALL, ESQ.
CRAVATH, SWAINE & MOORE
WORLDWIDE PLAZA
825 EIGHTH AVENUE
NEW YORK, NY 10019
(212) 474-1000
AUGUST 14, 1996
(DATE TENDER OFFER FIRST PUBLISHED, SENT OR GIVEN TO SECURITY HOLDERS)
This statement is filed in connection with (check the appropriate box):
a. / / The filing of solicitation materials or an information statement
subject to Regulation 14A
[17 CFR 240.14a-1 to 240.14b-1]. Regulation 14C [17 CFR 240.14c-1 to
240.14c-101] or Rule 13e-3(c) [240.13e.3(c)] under the Securities Exchange Act
of 1934.
b. / / The filing of a registration statement under the Securities Act of
1933.
c. /X/ A tender offer.
d. / / None of the above.
Check the following box if the soliciting materials or information
statement referred to in checking box (a) are preliminary copies: / /
CALCULATION OF FILING FEE
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TRANSACTION VALUATION* AMOUNT OF FILING FEE
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$89,487,830 $17,898
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* For purposes of calculating the amount of filing fee only. This amount assumes
the purchase of 2,182,630 shares of Common Stock, par value $1.00 per share of
Roto-Rooter, Inc., at $41.00 net in cash per share. The amount of the filing
fee calculated in accordance with Regulation 240.0-11 of the Securities
Exchange Act of 1934 equals 1/50 of 1% of the value of the shares to be
purchased.
/X/ Check box if any part of the fee is offset as provided by Rule 0-11(a)(2)
and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form
or Schedule and the date of its filing.
Amount Previously Paid: $17,898 Filing Party: Chemed Corporation
Form or Registration No.: Schedule
14D-1 Date Filed: August 14, 1996
Page 1 of 7 Pages
Exhibit Index on Page 7
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This Rule 13E-3 Transaction Statement (the "Statement") relates to a tender
offer by Chemed Corporation, a Delaware corporation (the "Purchaser"), to
purchase any and all outstanding shares of Common Stock, par value $1.00 per
share (the "Shares"), of Roto-Rooter, Inc., a Delaware corporation (the
"Company"), at a price of $41.00 net in cash per share, upon the terms and
subject to the conditions set forth in the Offer to Purchase dated August 14,
1996 of the Purchaser (the "Offer to Purchase") and the related Letter of
Transmittal (collectively, the "Offer"), and is intended to satisfy the
reporting requirements of Section 13(e) of the Securities Exchange Act of 1934.
Copies of the Offer to Purchase and the related Letter of Transmittal are filed
as Exhibits (a)(1) and (a)(2) to the Schedule 14D-1 which was filed
contemporaneously with this Statement (the "Schedule 14D-1").
The cross reference sheet below is being supplied pursuant to General
Instruction F to Schedule 13E-3 and shows the location in the Schedule 14D-1 of
the information required to be included in response to the items of this
Statement. The information in the Schedule 14D-1, including all exhibits
thereto, is hereby expressly incorporated herein by reference and the responses
to each item to this Statement are qualified in their entirety by the provisions
of the Schedule 14D-1. All cross references in this Statement, other than cross
references to the Schedule 14D-1, are to the Offer to Purchase.
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CROSS REFERENCE SHEET
WHERE LOCATED IN
ITEM IN SCHEDULE 13E-3 SCHEDULE 14D-1
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Item 1(a)-(c)................................................................ Item 1(a)-(c)
Item 1(d)-(f)................................................................ *
Item 2....................................................................... Item 2
Item 3....................................................................... Item 3
Item 4....................................................................... *
Item 5....................................................................... Item 5
Item 6(a).................................................................... Item 4
Item 6(b).................................................................... *
Item 6(c).................................................................... Item 4
Item 6(d).................................................................... **
Item 7(a)-(b)................................................................ Item 5
Item 7(c)-(d)................................................................ *
Item 8(a)-(e)................................................................ *
Item 8(f).................................................................... **
Item 9....................................................................... *
Item 10...................................................................... Item 6
Item 11...................................................................... Item 7
Item 12...................................................................... *
Item 13(a)................................................................... *
Item 13(b)-(c)............................................................... **
Item 14(a)................................................................... *
Item 14(b)................................................................... **
Item 15...................................................................... Item 8
Item 16...................................................................... Item 10
Item 17(a)................................................................... **
Item 17(b)................................................................... *
Item 17(c)................................................................... **
Item 17(d)................................................................... Item 17(a)
Item 17(e)................................................................... **
Item 17(f)................................................................... **
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* The information requested by this Item is not required to be included in the
Schedule 14D-1 and has been omitted from the Schedule 14D-1.
** The Item is inapplicable or the answer thereto is in the negative.
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ITEM 1. ISSUER AND CLASS OF SECURITY SUBJECT TO THE TRANSACTION.
(a) The answer to Item 1(a) of the Schedule 14D-1 is incorporated herein by
reference.
(b) The answer to Item 1(b) of the Schedule 14D-1 is incorporated herein by
reference.
(c) The answer to Item 1(c) of the Schedule 14D-1 is incorporated herein by
reference.
(d) The information set forth in "The Tender Offer -- Price Range of the
Shares; Dividends" of the Offer to Purchase is incorporated herein by reference.
(e) None.
(f) The information set forth in "Special Factors -- Interests of Certain
Persons; Stockholdings of Certain Officers and Directors; and Related
Transactions" of the Offer to Purchase is incorporated herein by reference.
ITEM 2. IDENTITY AND BACKGROUND.
The answer to Item 2 of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 3. PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS.
The answer to Item 3 of the Schedule 14D-1 is incorporated herein by
reference.
ITEM 4. TERMS OF THE TRANSACTION.
(a) The information set forth in "The Tender Offer -- Terms of the Offer"
of the Offer to Purchase is incorporated herein by reference.
(b) None.
ITEM 5. PLANS OR PROPOSALS OF THE ISSUER OR AFFILIATE.
The answer to Item 5 of Schedule 14D-1 is incorporated herein by reference.
ITEM 6. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.
(a) The answer to Item 4(a) of Schedule 14D-1 is incorporated herein by
reference.
(b) The information set forth in "The Tender Offer -- Fees and Expenses" of
the Offer to Purchase is incorporated herein by reference.
(c) The answer to Item 4(b) of Schedule 14D-1 is incorporated herein by
reference.
(d) Not applicable.
ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.
(a)-(b) The answer to Item 5 of Schedule 14D-1 is incorporated herein by
reference.
(c) The information set forth in "Special Factors -- Background to the
Offer" and "Special Factors -- Purpose and Structure of the Offer; Plans for the
Company After the Offer" of the Offer to Purchase is incorporated herein by
reference.
(d) The information set forth in "Special Factors -- Purpose and Structure
of the Offer; Plans for the Company After the Offer", "Special
Factors -- Certain Federal Income Tax Consequences" and "The Tender
Offer -- Certain Effects of the Offer" of the Offer to Purchase is incorporated
herein by reference.
ITEM 8. FAIRNESS OF THE TRANSACTION.
(a) The information set forth in "Special Factors -- Fairness of the Offer"
of the Offer to Purchase is
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incorporated herein by reference.
(b) The information set forth in "Special Factors -- Fairness of the
Offer", "Special Factors -- Opinion of Financial Advisor", "The Tender
Offer -- Certain Information Concerning the Company" and "The Tender
Offer -- Price Range of the Shares; Dividends" of the Offer to Purchase is
incorporated herein by reference.
(c) The Offer is not structured in this manner.
(d) The Offer is not structured in this manner.
(e) Was not so approved.
(f) None.
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.
The information set forth in "Special Factors -- Opinion of Financial
Advisor" of the Offer to Purchase is incorporated herein by reference.
ITEM 10. INTEREST IN SECURITIES OF THE ISSUER.
The answer to Item 6 of Schedule 14D-1 is incorporated herein by reference.
ITEM 11. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO THE ISSUER'S
SECURITIES.
The answer to Item 7 of Schedule 14D-1 is incorporated herein by reference.
ITEM 12. PRESENT INTENTION AND RECOMMENDATION OF CERTAIN PERSONS WITH REGARD TO
THE TRANSACTION.
(a) The information set forth in "Special Factors -- Interests of Certain
Persons; Stockholdings of Certain Officers and Directors; and Related
Transactions" of the Offer to Purchase is incorporated herein by reference.
(b) The information set forth in "Special Factors -- Background to the
Offer" of the Offer to Purchase is incorporated herein by reference.
ITEM 13. OTHER PROVISIONS OF THE TRANSACTION.
(a) The information set forth in "Special Factors -- Appraisal Rights" of
the Offer to Purchase is incorporated herein by reference.
(b) None.
(c) Not applicable.
ITEM 14. FINANCIAL INFORMATION.
(a) The information set forth in "The Tender Offer -- Certain Information
Concerning the Company" of the Offer to Purchase and the Company's Quarterly
Report on Form 10-Q for the quarter ended June 30, 1996 and the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 1995 filed with the
Securities and Exchange Commission is incorporated herein by reference.
(b) Not applicable.
ITEM 15. PERSONS AND ASSETS EMPLOYED, RETAINED OR UTILIZED.
(a) The information set forth in "Introduction" and "Special
Factors -- Background to the Offer" of the Offer to Purchase is incorporated
herein by reference.
(b) The answer to Item 8 of Schedule 14D-1 is incorporated herein by
reference.
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ITEM 16. ADDITIONAL INFORMATION.
The answer to Item 10 of Schedule 14D-1 is incorporated herein by
reference.
ITEM 17. MATERIAL TO BE FILED AS EXHIBITS.
(a) The Purchaser's Amended and Restated Credit Agreement dated as of June
20, 1996 is filed as Exhibit 1 to the Purchaser's Quarterly Report on Form 10-Q
for the quarter ended June 30, 1996, and is incorporated herein by reference.
(b)(1) The opinion dated August 8, 1996 of CS First Boston Corporation is
incorporated herein by reference to Appendix A to the Offer to Purchase.
(2) Presentation dated August 7, 1996 of CS First Boston Corporation.
(c) None.
(d) Exhibits (a)(1) through (a)(9) of Schedule 14D-1 are incorporated
herein by reference.
(e) Not applicable.
(f) None.
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this Statement is true, complete and correct.
Dated: August 14, 1996
CHEMED CORPORATION,
by /s/ THOMAS C. HUTTON
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Name: Thomas C. Hutton
Title: Vice President
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EXHIBIT INDEX
EXHIBIT PAGE
NUMBER EXHIBIT NAME NUMBER
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(b)(2) Presentation dated August 7, 1996 of CS First Boston Corporation.
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CONFIDENTIAL
AUGUST 7, 1996
[CS FIRST BOSTON LOGO]
MATERIALS PREPARED FOR THE BOARD OF DIRECTORS
CHEMED CORPORATION
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CHEMED CORPORATION
AGENDA
1. Transaction Overview and Issues
2. Valuation Analysis
3. CS First Boston Opinion
[CS FIRST BOSTON LOGO]
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CHEMED CORPORATION
1.
TRANSACTION OVERVIEW AND ISSUES
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
TRANSACTION OVERVIEW
- - Chemed will commence a tender offer for any and all shares of Roto-Rooter
stock that it does not already own.
- - Roto-Rooter shareholders can decide for themselves whether or not to tender
their shares.
- - If Chemed acquires 90% or more of Roto-Rooter's stock in the tender offer,
Chemed will be capable of effecting a "short-form merger" to bring its
ownership to 100%.
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
TRANSACTION ISSUES: ROTO-ROOTER
- - Opportunity to sell shares in a cash transaction at a premium to market.
- - Risk of diminished liquidity to non-tendering shareholders.
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
TRANSACTION ISSUES: CHEMED
- With 80% ownership, Chemed can tax consolidate Roto-Rooter.
- With 100% ownership, creates more flexibility to implement various
operating plans at Roto-Rooter.
- With 100% ownership, helps rationalize Chemed's corporate structure.
- With 100% ownership, gains direct access to Roto-Rooter's cash flow.
- E.P.S. accretion.
- Impact of not acquiring 100% ownership.
[CS FIRST BOSTON LOGO]
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CHEMED CORPORATION
2.
VALUATION ANALYSIS
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
VALUATION ANALYSIS
CS FIRST BOSTON'S VALUATION OF ROTO-ROOTER IS BASED ON THE FOLLOWING
METHODOLOGIES:
- Comparable Companies Analysis
- Comparable Acquisitions Analysis:
- Minority Buy-Out Analysis
- Industry Comparables Analysis
- Discounted Cash Flow Analysis
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
ROTO-ROOTER TRADING HISTORY
ROTO-ROOTER DAILY RECORDED LAST TRADING PRICES
JANUARY 1, 1995 TO PRESENT
[CHART]
Source: IDD Information Services
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
ROTO-ROOTER TRADING HISTORY
ROTO-ROOTER DAILY TRADING STATISTICS
AS OF AUGUST 2, 1996
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Last Daily Bid/Ask
Trade Volume Bid Ask Spread(1)
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MEDIAN STATISTICS
Since January 1, 1994 $28.875 900 $28.000 $30.000 $2.000
Since January 1, 1995 31.000 800 30.750 32.000 2.000
Since July 1, 1995 32.250 600 31.000 33.000 2.000
Since January 1, 1996 33.000 600 31.250 33.000 2.250
Since July 1, 1996 36.000 200 33.875 36.500 2.500
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(1) Median Ask less Median Bid is not necessarily equivalent to the Median
Bid/Ask spread.
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
COMPARABLE COMPANIES ANALYSIS
(DOLLARS IN MILLIONS)
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MARKET ADJUSTED 1996E
COMPANY VALUE MARKET VALUE P/E RATIO
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ROTO-ROOTER $ 190.2 $ 183.1 16.0x
ABM Industries Incorporated 342.9 382.8 16.7
Barefoot, Inc. 148.4 162.4 11.3
The Dwyer Group Inc. 19.6 16.3 NM
Rollins, Inc. 744.6 662.0 15.5
ServiceMaster L.P. 3,297.5 3,743.7 13.7
York International
Corporation 2,117.1 2,578.3 14.8
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- - Applying a P/E multiple range of 11.3x - 16.7x to 1996E earnings results in an
equity value reference range for Roto-Rooter of $134.0 - $198.1 million or
$26.01 - $38.44 per share.
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
MINORITY BUY-OUT ANALYSIS
- - CS First Boston examined 39 cash minority buy-outs completed over the period
between January 1990 and July 1996 and calculated the premiums offered over
the target's stock price one day, one week and one month prior to the
announcement.
===============================================================================
PREMIUM OVER STOCK PRICE PRIOR TO ANNOUNCEMENT
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1 DAY 1 WEEK 1 MONTH
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High 81.0% 90.0% 90.0%
Low 2.0% 1.0% 4.8%
Mean 23.2% 25.7% 27.6%
Median 19.4% 20.7% 23.9%
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[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
MINORITY BUY-OUT ANALYSIS
- - Implied values derived by application of mean and median premiums to
Roto-Rooter's closing bid are set forth below:
STOCK PRICE PRIOR TO ANNOUNCEMENT(1)
STOCK PRICE PRIOR TO ANNOUNCEMENT
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1 DAY 1 WEEK 1 MONTH WEEK MEAN MONTH MEAN
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Closing Bid $34.00 $33.50 $34.50 $33.79 $33.98
Median Premium 19.4% 20.7% 23.9% 20.7% 23.9%
Implied Value $40.60 $40.43 $42.75 $40.79 $42.11
Mean Premium 23.2% 25.7% 27.6% 25.7% 27.6%
Implied Value $41.89 $42.11 $44.02 $42.48 $43.36
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(1) Assumes last trading day prior to announcement is August 2, 1996.
- - The Minority Buy-Out Analysis implies an equity value reference range for
Roto-Rooter of $208.3 - $226.8 million or $40.43 - $44.02 per share.
[CS FIRST BOSTON LOGO]
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CONFIDENTIAL
CHEMED CORPORATION
Industry Comparables Analysis
- - During stock-for-stock merger negotiations conducted in mid-1995, the
then-existing Roto-Rooter Special Committee informed Chemed it would be
willing to accept one share of Chemed stock and $4.00 cash for each share of
Roto-Rooter stock, implying a value of $37.75 per Roto-Rooter share at the
then-current Chemed market value.
(Dollars in Millions)
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NET BOOK
SALES EBITDA EBIT INCOME VALUE
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LTM Financial Results
as of 6/30/95 $175.5 $23.9 $16.6 $9.5 $71.2
Implied Multiples(1) 1.1x 8.2x 11.8x 21.0x 2.8x
LTM Financial Results
as of 6/30/96(2) $190.5 $24.9 $17.1 $10.5 $79.1
Implied Equity Value(3) $215.3 $206.5 $205.0 $221.1 $221.3
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(1) Assumes 5.526 fully diluted shares outstanding, option proceeds of $9.6
million, an implied purchase price of $37.75 per share and 6/30/95 net
cash of $3.5 million.
(2) As of 6/30/96.
(3) Assumes net cash of $2.9 million as of 7/3/96.
- - The current Roto-Rooter equity value reference range based on the multiples
implied by the Roto-Rooter counter-offer is $205.0-$221.3 million or $39.78-
$42.94 per share.
[CS FIRST BOSTON LOGO]
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CHEMED CORPORATION
INDUSTRY COMPARABLES ANALYSIS
(Dollars in Millions)
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ADJUSTED AMV AS
MARKET MULTIPLE OF
DATE ACQUIROR/TARGET VALUE LTM SALES
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02/07/96 American Eco Corporation/EIF Holdings Inc. $5.7 0.2x
04/27/95 Hudson Technologies/Refrigerant Reclamation Corporation 5.8 NA(1)
09/01/94 WSF Corp./Honolulu Roofing Co. Ltd. 11.5 0.8x
04/06/94 Air-Cure Environmental, Inc./Amerex, Inc. 9.3 0.8
03/08/94 ABM Industries/General Maintenance Service Co. 17.0 0.9
02/07/93 Rust International Inc./EnClean Inc. 85.3 0.8
12/12/91 ISS International Systems AS/Commercial Services Division 134.7 0.4
(Electrolux AB)
10/07/90 Lyonnaise des Eaux/Dumez S.A. 2,749.1 0.6
05/30/90 American Intl. Group/Fischbach Corporation 143.2 0.2
04/18/89 York International/RECO International 21.8 0.9
06/17/88 Citicorp Cap. and Invt. Group/York International 789.5 0.7
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(1) Based on 1994 sales, multiple is 1.8x.
- - Based on this analysis, the implied multiple range of 0.9x - 1.0x LTM sales
results in an equity value reference range of $177.3-$195.8 million or
$34.40-$38.00 per share.
- - The Industry Comparables equity value reference range is $177.3-$221.3
million or $34.40-$42.94 per share.
[CS FIRST BOSTON LOGO]
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CHEMED CORPORATION
DISCOUNTED CASH FLOW ANALYSIS:
ROTO-ROOTER PROJECTIONS
(DOLLARS IN MILLIONS)
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1995 1996E 1997E 1998E 1999E 2000E
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FRANCHISE COMPANY
Sales $12.2 $12.8 $13.5 $14.2 $14.9 $15.7
% Growth 5.6% 5.2% 5.2% 5.2% 5.2% 5.2%
EBIT Margin(1) 36.1% 35.9% 36.9% 37.9% 38.9% 39.9%
SERVICE COMPANY
Sales $114.7 $134.1 $150.2 $168.3 $188.5 $211.1
% Growth 12.8% 17.0% 12.0% 12.0% 12.0% 12.0%
EBIT Margin(1) 11.9% 12.1% 12.1% 12.1% 12.1% 12.1%
SERVICE AMERICA
Sales $57.7 $61.8 $68.3 $75.5 $83.4 $92.1
% Growth (8.1%) 7.1% 10.5% 10.5% 10.5% 10.5%
EBIT Margin(1) 6.1% 6.6% 7.5% 7.5% 7.5% 7.5%
TOTAL(2)
Sales $179.7 $203.6 $226.3 $251.6 $279.8 $311.1
% Growth 4.5% 13.3% 11.2% 11.2% 11.2% 11.2%
EBIT Margin(1) 10.2% 10.8% 11.0% 11.0% 11.0% 11.0%
EBITDA Margin 13.1% 13.5% 13.7% 13.7% 13.7% 13.7%
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Source: Roto-Rooter and Chemed managements
(1) EBIT before intangible amortization.
(2) Sales do not total due to consolidation adjustment.
[CS FIRST BOSTON LOGO]
17
CONFIDENTIAL
CHEMED CORPORATION
DISCOUNTED CASH FLOW ANALYSIS: VALUATION MATRIX
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
=====================================================================================================================
MULTIPLES OF 2000E EBITDA
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DISCOUNT RATES 6.OX 7.0X
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11.5% $184.7 $204.7 Franchise and Service Companies
13.0 17.4 Service America (70%)
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$197.7 $222.0 Equity Value(1)
$38.37 $43.09 Equity Value Per Share(2)
12.5% $179.2 $198.4 Franchise and Service Companies
11.9 16.1 Service America (70%)
----- -----
$191.1 $214.4 Equity Value(1)
$37.09 $41.61 Equity Value Per Share(2)
- ----------------------------------------------------------------------------------------------------------------------
(1) Franchise and Service Companies' equity value is net of July 31, 1996 cash
balance of $28.9 million. Service America's equity value is adjusted for a
July 31, 1996 debt balance of $25.9 million. In addition, Service America's
equity value is adjusted to reflect Roto-Rooter's 70% ownership interest.
(2) Assumes 5.152 million shares outstanding.
- - The Discounted Cash Flow Analysis implies an equity value reference range of
$191.1 - $222.0 million or $37.09 - $43.09 per share.
[CS FIRST BOSTON LOGO]
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CHEMED CORPORATION
SUMMARY VALUATION
(DOLLARS IN MILLIONS)
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VALUATION EQUITY VALUE EQUITY VALUE PER SHARE
METHODOLOGY REFERENCE RANGE REFERENCE RANGE(1)
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Comparable Companies Analysis $134.0 - $198.1 $26.01 - $38.44
Comparable Acquisitions Analysis
- Minority Buy-Out Analysis 208.3 - 226.8 40.43 - 44.02
- Industry Comparables
Analysis 177.3 - 221.3 34.40 - 42.94
Discounted Cash Flow Analysis 191.1 - 222.0 37.09 - 43.09
EQUITY VALUE REFERENCE ANALYSIS $180.0 - $220.0 $34.93 - $42.70
- -------------------------------------------------------------------------------
(1) Assumes 5.152 million shares outstanding.
[CS FIRST BOSTON LOGO]
19
CHEMED CORPORATION
3.
CS FIRST BOSTON OPINION
[CS FIRST BOSTON LOGO]
