Genesis receives a newer, higher bid

0 Comments | Philadelphia Inquirer, The, April, 2007 | by Stacey Burling Inquirer Staff Writer

Genesis HealthCare Corp., a nursing-home operator based in Kennett Square, has promised itself to private equity firms in Georgia and Virginia, but is entertaining a new suitor from San Francisco anyway.

The company said yesterday that it had received an acquisition proposal from Fillmore Capital Partners L.L.C. of $64.75 a share. The Genesis board had already recommended approval of an earlier bid of $64.25 a share from Formation Capital L.L.C., the Georgia company, and JER Partners in McLean, Va.

Genesis stock gained 78 cents to close at $64.01 on the Nasdaq yesterday.

The two private equity firms agreed in January to buy Genesis for $63 a share, or $1.25 billion. They amended their bid earlier this month...