Fillmore ups bids for Genesis HealthCare; shareholders to vote on Formation/JER deal on May 4

By Lisa Kerner

Charlotte, N.C., April 30 - Fillmore Capital Partners, LLC increased its proposal to acquire all outstanding shares of Genesis HealthCare Corp.'s common stock to $65.25 per share in cash from its April 25 offer of $64.75 per share in cash.

Under the revised proposal, the price will increase by 6% per annum, or $0.01073 per day, beginning Aug. 15, until the transaction closes, a company news release stated.

Fillmore's original proposal was effective until 5 p.m. ET April 26.

Genesis said its board of directors is reviewing the latest proposal and the company's obligations under its existing $64.25-per-share merger agreement with affiliates of Formation Capital, LLC and JER Partners.

A shareholder vote on the proposed Formation/JER transaction is scheduled to take place on May 4, with shareholders of record as of March 5 entitled to vote.

Genesis is a Kennett Square, Pa.-based provider of long-term care services and centers.

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