UPDATE 2-ResCare gets $12.60/share offer from PE firm Onex

* Offer at 24 pct premium to ResCare's Friday close

* Onex, affiliates own 24.9 pct voting stake in ResCare

* ResCare says evaluating offer

* Shares up 22 pct



(Adds analyst comment, details; updates stock movement)

Aug 16 (Reuters) - ResCare Inc said it received a takeover proposal from Canadian private-equity firm Onex Corp , valuing the U.S. provider of home care to the elderly and disabled at about $370 million, as cash-rich buyout funds scramble for investment opportunities.

The $12.60-per-share offer for the company, which also offers education, vocational training and job placement opportunities for all age groups, represents a 24 percent premium to ResCare's Friday close.

Shares of ResCare were up 22 percent at $12.25 in afternoon trade on Nasdaq. About 2.7 million shares changed hands by 1305 ET, more than 20 times their 10-day moving average.

'Given the current Medicaid reimbursement environment and challenging state budgetary issues, which do not appear improving anytime soon, we find it hard to envision other offers would be made,' Jefferies & Co analyst Richard Close said in a note to clients.

ResCare, which has been grappling with reduced Medicaid reimbursement rates and education-contract losses due to cuts in state budgets, said its board has formed a special panel to evaluate the offer.

Onex and its affiliates have a 24.9 percent voting stake in ResCare.

Onex also has a stake in Emergency Medical Services Corp , a U.S.-based provider of ambulance services, and in nursing home operator Skilled Healthcare.

Private-equity deals have spiked in recent months with a spate of assets changing hands as funds face pressure to spend capital raised in the boom and are nervous about the threat of higher taxes.

Among recent transactions are BC Partners and Silver Lake Partners' $3.1 billion deal to buy healthcare services firm MultiPlan from two other buyout shops and Carlyle's $3.8 billion deal to buy nutritional supplements maker NBTY Inc.

Onex Corp had said on Wednesday the market was opening up again for acquisition opportunities.

Onex is also in talks to buy a British autoparts maker Tomkins Plc in what would mark the largest private-equity deal of the year.

(Reporting by Shailesh Kuber in Bangalore; Editing by Aradhana Aravindan, Prem Udayabhanu) Keywords: RESCARE/ONEX ([e-mail]; within U.S. [phone]; outside U.S. [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.