The multi-millionaire Minister…

December 22, 2003

Investors in Roto-Rooter (RRR) aren’t the only ones cleaning up in the wake of Friday’s announcement that the company plans to acquire Vitas Healthcare, a privately held hospice-care provider. The stock was up 26 percent on Friday and is up another 15 percent so far today. Indeed, Vitas’ Chairman and CEO, Hugh Westbrook, who once worked as a minister, will receive a $25 million contract to provide consulting services over the next seven years. That’s in addition to the stock he owns. Since Vitas is private, it’s hard to know exactly how much stock Westbrook still owns. But back in 1997, when Vitas filed a registration statement with the SEC and planned to go public, Westbrook and his wife, Carole, owned 2.8 million shares, or roughly 68 percent of Vitas’ outstanding shares, according to the registration statement. On Friday, Roto-Rooter agreed to pay $30 a share for Vitas.

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