NEWTOWN SQUARE, PA-The partnership between Formation Capital LLC and JER Partners has raised its offer to buy Genesis HealthCare Corp. by 2%, lifting the price from $63 per share to $64.25 per share. That adds about $25 million to the agreement struck this January, pushing the price above $1.7 billion by including the assumption of $475 million in debt versus an initial debt assumption of $450 million.

The amendment to the merger agreement came after Northbrook, IL-based Northbrook GH LLC charged Genesis with “stacking the deck against any other bidder.” Northbrook owns approximately 5% of Genesis stock. In a letter to Genesis management, Northbrook estimated the value at between $69 and $71 per share.

In response, Genesis issued a statement saying the bidding was an “active, competitive auction process” and that “none of the offers was anywhere near Northbrook’s purported valuation of the company.” Following the amended offer, Genesis pushed the shareholder vote to May 4.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.