Genesis HealthCare Corp., Kennett Square, Pa., said affiliates of Formation Capital, Alpharetta, Ga., and JER Partners, McLean, Va., have increased their offer to buy the long-term-care provider to $65.25 per share, up from their recently amended offer of $64.25 per share.
Todays announcement came a day after Genesis said private real estate equity firm Fillmore Capital Partners, San Francisco, had raised its offer to $65.25 per share, up from the $64.75 per-share price it proposed to acquire the long-term-care provider last week.
Genesis had recently announced a restructured agreement with affiliates of Formation Capital and JER Partners when Fillmore first came calling on April 25. In the amended agreement, Formation and JER increased their bid to $64.25 per share, above their January bid of $63 per share.
The Formation-JER deal would also assume $475 million in debt. Genesis said its board of directors is reviewing both proposals, and shareholders are scheduled to vote on the Formation-JER deal on May 11.
In addition to providing care at more than 200 nursing centers and assisted-living residences in 13 Eastern states, Genesis supplies contract rehabilitation therapy for more than 600 healthcare providers in 20 states and the District of Columbia. -- by Jessica Zigmond