Genesis HealthCare Corp. said it has received additional updated proposals this week from the private-equity firms that have been in a bidding war to acquire the Kennett Square, Pa.-based long-term-care provider.
Wednesday evening, private real-estate equity firm Fillmore Capital Partners, San Francisco, offered $69 per share, up from the previous $67.25 per-share offer the firm made on Monday.
Later on Monday, Formation and JER Partners offered to amend their offer of $65.25 per share to $67.50 per share. Under that proposal, if the transaction does not close on or before July 31, the purchase price would increase by an annual rate of about 9% from July 31 to Aug. 31, and by about a 10% annual rate from Sept. 1 until the transaction closes, according to a Genesis news release.
Fillmores proposal, which does not include an increase in price over time, will remain in effect until 5:00 p.m. EDT on May 15. Genesis also said a shareholder vote to decide on the Formation/JER deal has been rescheduled to May 18.
Genesis has more than 200 skilled-nursing centers and assisted-living residences in 13 Eastern states. The company also supplies contract rehabilitation therapy to more than 600 healthcare providers in 20 states and the District of Columbia. -- by Jessica Zigmond