Bidding war for Genesis rages on
The board of Genesis HealthCare Corp. is expected to vote Friday to sell the company to a private equity joint venture for $67.50 per share. But a rival bidder could still steal the day.Last week, affiliates of Formation Capital LLC and JER Partners amended their original merger agreement with Genesis. The investors lifted their bid from $65.25 to $67.50 per share. Just two days later, Fillmore Capital Partners LLC upped their offer to $69 per share. The two companies have been engaged in a struggle to win the nursing home chain since late April. Fillmore has continued to push up the price, resulting in a counter offer by Formation each time.
The Genesis board has said consistently that it would review Fillmore proposals, but it also has said it still stands in favor of Formation's latest offer.