Genesis exploring sweeter bid; Ventas completes Sunrise REIT acquisition

Share this article:

Two major long-term care transaction developments occurred Thursday. The board of Genesis HealthCare Corp. said it will enter into discussions with a new bidder. Meanwhile, Ventas Inc. reported completing its acquisition of Sunrise Senior Living Real Estate Investment Trust.

Genesis this week disclosed it received a new offer of $64.75 per share, or just over $1.27 billion, from Fillmore Capital Partners LLC. This proposal tops the $64.25 per share bid accepted earlier from the joint venture affiliates of Formation Capital LLC and JER Partners. The Genesis board is scheduled to vote on the joint venture bid next Friday.

The Genesis board cautioned in a prepared statement that, while it has agreed to consider the Fillmore proposal, it had not made any determination yet as to whether it is superior to the company's existing merger agreement with affiliates of Formation and JER, a release noted.

Also Thursday, Ventas announced it had finalized its purchase of Sunrise Senior Living Real Estate Investment Trust for approximately $1.96 billion. Ventas CEO Debra Cafaro called the acquisition, which also had been punctuated by a late counteroffer by another company, "a major milestone for Ventas."
Share this article:

More in News

Antipsychotics reduction goal is 25% by end of 2015, CMS and provider groups announce

Antipsychotics reduction goal is 25% by end of ...

Long-term care providers are being asked to reduce the use of antipsychotic medications among residents by 25% by the end of 2015, and 30% by the end of 2016. Providers ...

CDC issues new guidelines on pneumococcal vaccine, says LTC flu vaccination rates remain low

CDC issues new guidelines on pneumococcal vaccine, says ...

Long-term care workers continued to have low rates of flu vaccination last season, despite there being 92% vaccination coverage overall among physicians and nurses, the Centers for Disease Control and ...

AL operators accused of withholding $2M in unpaid overtime, minimum wages ...

Four California assisted living operators are facing eight felony charges related to wage theft, tax and insurance violations, according to local reports.