Genesis HealthCare delays shareholder vote on merger
As a bidding war heated up, Genesis HealthCare Corp. today announced that it is delaying a shareholder vote on its proposed merger agreement with Formation Capital L.L.C. and JER Partners until May 11.
As a bidding war heated up, Genesis HealthCare Corp. today announced that it is delaying a shareholder vote on its proposed merger agreement with Formation Capital L.L.C. and JER Partners until May 11.
Formation/JER today matched yesterday's bid from rival Fillmore Capital Partners L.L.C. of $65.25 per share.
Formation/JER previously had offered $64.25 per share. It also said it would increase the pruchase price by 9 percent per annum, or $0.01609 per day, beginning July 21, until the deal closes.
Fillmore yesterday said it would increase its price by 6 percent per annum, or $0.01073 per day, beginning Aug. 15, until the transaction closes.