Fillmore Capital ups bid for Genesis HealthCare to $67.25 per share, Formation/JER agreement still on

By Lisa Kerner

Charlotte, N.C., May 7 - Genesis HealthCare Corp. said Fillmore Capital Partners, LLC revised its proposal to acquire the company for $67.25 per share in cash, without interest, up from a purchase price of $65.25, which would have increased by 6% per annum, or $0.01073 per day, beginning Aug. 15 until the transaction's close.

The board of directors, under an existing merger agreement with affiliates of Formation Capital, LLC and JER Partners, is reviewing Fillmore's latest proposal.

Formation/JER amended its original merger agreement on May 2 to $65.25 per share from $64.25 in cash. The amended agreement also calls for the purchase price to increase by 9% per annum, or $0.01609 per day, beginning July 31, if the transaction does not close on that date and continuing until the deal is completed.

Genesis shareholders are scheduled to vote on the Formation/JER transaction at the adjourned annual meeting on May 11. Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting.

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

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