Nursing home chain Mariner to be acquired

Mariner Health Care, Atlanta, said its board has unanimously approved the nursing home chain's acquisition by National Senior Care for roughly $615 million in cash, or $30 per share, and the assumption of about $385 million of Mariner's debt. The deal is expected to close in the fourth quarter, subject to approval by Mariner shareholders and receipt of financing. Sparks, Md.-based National Senior Care was formed specifically to acquire Mariner. Through affiliates it controls 50 long-term-care facilities nationwide, with holdings concentrated in North Carolina, South Carolina and Texas. Mariner operates 263 nursing and assisted-living facilities and 11 long-term acute-care hospitals. Its stock closed at $27.65 today, up almost 40% from Monday. -- by Julie Piotrowski