Genesis HealthCare (GHCI) Shareholders Approved the Amended Merger with Formation Capital and JER Partners
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Genesis HealthCare Corporation (NASDAQ: GHCI) announced that, at the Company's reconvened annual meeting, Genesis shareholders approved the amended merger agreement between Genesis and a venture between affiliates of Formation Capital, LLC and JER Partners.
On May 19, 2007, Genesis announced that it had amended its merger agreement with a venture between affiliates of Formation and JER to increase the consideration payable to Genesis shareholders to $69.35 per share in cash. Under the amended agreement, if the transaction is not completed prior to July 31, 2007, the purchase price will increase by approximately 9% per annum, or $0.01710 per day, from July 31, 2007 through August 31, 2007, and by approximately 10% per annum, or $0.01900 per day, from September 1, 2007 until the transaction closes.
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