Genesis HealthCare acquisition one step closer to completion

By Lisa Kerner

Charlotte, N.C., July 11 - FC-GEN Acquisition, Inc. received, in connection with its planned merger with Genesis HealthCare Corp., required licensure, Medicaid and/or certificate of need authorizations from Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode Island, Virginia, Vermont and West Virginia.

As a result, the acquisition is expected to close within the next several days, according to a company news release.

Under the Jan. 15 agreement among Genesis, FC-GEN Acquisition and FC-GEN subsidiary GEN Acquisition Corp., GEN Acquisition will merge with and into Genesis, with Genesis being the surviving corporation.

Genesis shareholders approved an amended agreement on May 30 that gives them $69.35 per share in cash, up from $68.15 per share.

GEN Acquisition and FC-GEN are owned by affiliates of Formation Capital, LLC and affiliates of JER Partners, which is the private equity investment group affiliated with J.E. Robert Co., Inc.

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

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