National Senior Care buys nursing home giant Mariner Health Care
Nursing home giant Mariner Health Care has been bought by National Senior Care Inc. in a $1 billion deal, including $615 million in cash.
NSC was formed specifically for the acquisition and controls more than 50 long-term care facilities throughout the country, concentrated in Texas and the Carolinas.
Mariner shareholders will receive $30 in cash for each share of the company's common stock, a premium of 49% based on Monday's closing price of $20.10. Mariner shares rose $7.90 to $28 on the over-the-counter bulletin board on Tuesday
While Mariner's stockholders still need to approve the transaction, the deal is expected to close fourth quarter 2004, according to Reuters.
Atlanta, GA-based Mariner operates 263 skilled nursing and assisted living facilities and 11 long-term acute care hospitals across the United States.