Genesis shareholders: Merger approved
Contemporary Long-Term Care Weekly, June 7, 2007
Shareholders for Genesis HealthCare Corp. agreed last week to approve a merger with Formation Capital LLC and JER partners, reported the Philadelphia Inquirer. The vote brings to close a dramatic bidding process that at one point involved shareholders and another company, Fillmore Capital Partners, alleging Genesis' management favored Formation and JER even though Fillmore had offered more money. Formation/JER will pay $1.9 billion (including $475 million in assumed debt) for Genesis, agreeing to pay $69.35 per share in cash. If the deal is not completed by July 31, the purchase price goes up 9% per year, the Inquirer reported. Philadelphia-based Genesis, which owns more than 200 SNFs and assisted living facilities in the Eastern United States, will keep its name.
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