Suitor increases bid for Genesis
Fillmore Capital Partners LLC ratcheted up its bid for Genesis HealthCare Corp., raising its proposal price to $65.25 per share, or about $1.28 billion, from $64.75 per share.The new offer comes just days before the board of Genesis will vote on a bid from affiliates of Formation Capital LLC and JER Partners, which has placed a $64.25 per share, or $1.26 billion, bid for the company. The Genesis board, which will vote this Friday on the joint venture proposal, says that its recommendation in favor of the Formation and JER deal still stands.
Also, as part of Fillmore's revised proposal, the price will increase by 6% annually, or about 1 cent per day, beginning Aug. 15, 2007, until the transaction closes. An affiliate of Fillmore purchased the company formerly known as Beverly Enterprises Inc., last year.