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Formation/JER $2B Buy of Genesis Closes

KENNETT SQUARE, PA-The partnership that initiated a bidding war over the healthcare REIT in mid-January triumphs and takes Genesis private.

By Marita Thomas | Updated on July 16, 2007

KENNETT SQUARE, PA-The joint venture between Formation Capital and JER Partners has completed its acquisition of Genesis Healthcare Corp. in a transaction valued at approximately $2 billion. The JV’s quest to buy the locally based healthcare REIT and take it private began in mid-January with an offer of $63 a share for Genesis stock.

By the July 13 close, the partnership had raised its offer to $69.35 a share following seven successive rounds of counter bids by San Francisco-based Fillmore Capital Partners LLC. On July 13, Genesis shares hit $69.36 a share before settling at the close of the day at $69.33 and disappearing from the Nasdaq exchange.

George Hager, Genesis’ CEO, will remain at the company’s helm. The Genesis name will be retained along with the current management team. “We are pleased to be partnering with two firms which understand our business from both a financial and operating standpoint,” he says in a statement. “We have great confidence their strategic and financial support will enable us to grow and better serve our patients and residents.”

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