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

A small team of workers responds best in emergencies, expert says

A small team of workers responds best in ...

Long-term care providers should consider a "flat" crisis management approach that relies on a core group of staff members, experts advised Wednesday at the LeadingAge annual conference.

Nursing homes have better pain and catheter management if leaders have more ...

Nursing homes led by administrators and directors of nursing with higher levels of education and certification have better outcomes on some key quality measures, according to recently published findings.

Court green-lights charges that a healthcare network underused observation stays

A whistleblower can continue to pursue charges that a Nevada healthcare network routinely admitted people as hospital inpatients when they should have been placed in observation status, a federal appeals court recently ruled.