Mariner completes $1.05 billion 'merger'

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Mariner Health Care Inc. is now a privately held company after announcing the completion of what is reported to be a $1.05 billion merger with NCARE Acquisition Corp. The acquirer is a wholly owned subsidiary of National Senior Care Inc. of Sparks, MD, and was created expressly for the deal, according to company officials. Mariner finished obligations late Friday and announced completion of the deal Monday.

Mariner shareholders will receive $30 per share of the Atlanta-based company's common stock, according to the terms of the merger.

The nursing home giant reported net income of $3.9 million on revenue of $1.2 billion through the nine months that ended Sept. 30, compared to net income of $7.2 million on revenue of $1.3 billion in the 2003 period.

Mariner has 252 skilled-nursing centers, two assisted-living facilities and 12 long-term care hospitals across the U.S. National Senior Care controlled about 50 long-term care facilities before entering the Mariner deal, according to company officials.