Fillmore raises bid for Genesis again
The bidding war for Genesis HealthCare Corp. continues to intensify.Fillmore Capital Partners LLC raised its bid for the top 10 nursing home chain to $67.25 per share without interest. This proposal beats the proposal from the joint venture between affiliates of Formation Capital and JER Partners, which currently is offering $65.25 a share plus a 9% increase in the price a year until the transaction closes - if the transaction is not completed by July 31.
The Genesis board is planning to vote on the Formation proposal this Friday at 10 a.m. EST at Genesis headquarters in Kennett Square, PA. The board said it would consider the new Fillmore bid. Fillmore and the Formation joint venture have been throwing down competing bids for Genesis since late April.