At Apria, `A Test Of Wits And Wills'

Abattle may be brewing at Apria Healthcare (AHG), which got a surprise offer on Oct. 13 from a group led by Transworld HealthCare and Hyperion Partners II, headed by ex-Salomon Brothers top gun Lew Ranieri. The offer of $918 million, or $18 a share, in cash and stock stunned CEO Jeremy Jones, who was quietly preparing to take the company private, says a source familiar with the offer.

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