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MMI Investments, L.P. Calls on Chemed Board to Pursue a Tax-Free Spin-Off of One of Its Two Businesses
Date:2/12/2009

Argues That Separating The Unrelated Divisions Could Lead To Potential Value Creation Of 40-75% And Dismisses Management's Arguments Against Tax-Free Spin-Off

NEW YORK, Feb. 12 /PRNewswire/ -- MMI Investments, L.P., one of the largest stockholders of Chemed Corporation (NYSE: CHE), announced today that it has sent a letter to the Board of Directors of Chemed in which MMI argues that the combination of Roto-Rooter under the same corporate umbrella as Vitas makes little strategic and economic sense and that the two should be separated by means of a tax-free spin-off that would allow shareholders to benefit from each company's value as a separate entity.

Based on the valuation of comparable public companies and prices paid in precedent transactions, as set forth in an analysis included with the letter, MMI estimates that a tax-free spin-off could potentially yield an increase of 40-75% per share from Chemed's February 11th closing price. Speaking on behalf of MMI, Clay Lifflander explained that despite public statements by Chemed's management arguing against a spin-off, it has presented no compelling reason for its view, and that Chemed's current structure is denying shareholders the ability to recognize maximum value for their investment. Mr. Lifflander called on the Board to provide its view regarding a spin-off to shareholders as soon as possible.

The full text of the letter follows:

    February 12, 2009

    The Board of Directors
    c/o Chairman Edward L. Hutton
    Chemed Corporation
    2600 Chemed Center
    255 East Fifth Street
    Cincinnati, Ohio 45202-4726

Dear Members of the Board,

MMI Investments, L.P. is the owner of 800,000 shares of Chemed Corporation or approximately 3.6% of its outstanding common stock. As a long-term value inve
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SOURCE MMI Investments, L.P.
Copyright©2009 PR Newswire.
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