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TPG to Acquire Assisted Living Concepts (ALC) for $12/Share Cash

February 26, 2013 7:50 AM EST Send to a Friend
Assisted Living Concepts, Inc. (NYSE: ALC) announced that it has entered into a definitive agreement to be acquired by TPG, the global private investment firm.

Under the terms of the agreement, ALC stockholders will receive $12.00 in cash for each share of Class A common stock. In accordance with the ALC charter, based on the Class A per share merger consideration, holders of ALC’s Class B common stock will receive $12.90 in cash per share. The agreement was unanimously approved by ALC’s Board of Directors and a Special Committee of the Board of Directors formed in connection with the exploration of strategic alternatives.

Citigroup Global Markets, Inc. acted as financial advisor to the Special Committee, and Cravath, Swaine & Moore LLP acted as independent legal counsel to the Special Committee. Goldman, Sachs & Co. acted as financial advisor to TPG, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to TPG.




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