The interest in Genesis HealthCare Corp., Kennett Square, Pa., continues to mount as private real estate equity firm Fillmore Capital Partners, San Francisco, increased its bid to $67.25 per share for the long-term-care provider.
Fillmore had made two previous offers for Genesisfor $65.25 per share and $64.75 per sharein the past few weeks, and Genesis has received updated proposals from affiliates of Formation Capital, Alpharetta, Ga., and JER Partners, McLean, Va. On May 2, Genesis announced its amended merger agreement with affiliates of Formation and JER for $65.25 per share, and shareholders are expected to vote on the Formation-JER transaction on May 11.
Genesis has more than 200 skilled-nursing centers and assisted-living residences in 13 Eastern states. It also supplies contract rehabilitation therapy to more than 600 healthcare providers in 20 states and the District of Columbia. -- by Jessica Zigmond