Bringing healthy back; Genesis, Symbion bidding heats up equity market.(The Week in Healthcare)(Genesis HealthCare Corp.)

Modern Healthcare, April, 2007 by Zigmond, Jessica

Byline: Jessica Zigmond

A robust private equity market continues to show strong interest in healthcare, as firms bid last week to separately acquire Genesis HealthCare Corp., a long-term-care provider, and Symbion, an owner and operator of ambulatory surgery centers.

Just one week after Genesis announced a restructured agreement to be bought by affiliates of Formation Capital, Alpharetta, Ga., and JER Partners in McLean, Va., the provider company said it received a competing bid from Fillmore Capital Partners, a private equity firm headquartered in San Francisco. In the proposal, Fillmore offered to pay $64.75 per share for Kennett Square, Pa.-based Genesis, slightly above the earlier offer of $64.25 per share that Formation and JER Partners offered...

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