Stockholders of Genesis HealthCare Corp. are set to vote today on the takeover of the chain by a private equity joint venture.
The Genesis board has recommended accepting the offer of $69.35 per share in cash by joint venture affiliates of Formation Capital LLC and JER Partners. If shareholders approve the acquisition, it would end a month-long bidding battle between the Formation group and Fillmore Capital Partners, a private real estate equity firm based in San Francisco.
Fillmore last week withdrew its offer of $69.25 per share. But Fillmore said it “remains interested in the potential acquisition opportunity that Genesis presents,” in the event Genesis shareholders fail to approve the Formation agreement. Fillmore’s affiliate, Drumm Investors LLC, filed a lawsuit against Genesis in March, alleging breach of contract.