Kindred re-ups with Ventas; Fillmore after Genesis
Contemporary Long-Term Care Weekly, May 3, 2007
Kindred Healthcare, Inc., announced last week it had renewed the terms of a 64-property lease agreement with Ventas, Inc. According to a company press release, the two companies' lease agreement was to expire on April 30, 2008, and stated Kindred will purchase 22 of the facilities it currently leases from Ventas. Kindred also announced an 11% increase in revenues for the first quarter of 2007, but a decrease in profits by 67% compared to growth from the same period last year.
Elsewhere, San Francisco-based Fillmore Capital Partners LLC raised its bid for Genesis HealthCare Corp. from $64.75 per share to $65.25 per share, or to approximately $1.28 billion. At presstime, Genesis' board of directors was scheduled to vote tomorrow on a $64.25-per-share bid by affiliates of Formation Capital LLC and JER Partners.
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