Genesis HealthCare to go private

A joint venture of private equity firms will pay $1.25 billion to acquire nursing-home operator Genesis HealthCare. Publicly traded Genesis said Tuesday that its management accepted the offer of $63 cash per share and assumption of $450 in debt made by a joint venture led by Formation Capital and JER Partners. The venture is the same one that bought Tandem Health Care last summer. The deal would leave Manor Care as the last publicly traded owner-operator of nursing homes in the United States, according to a Bear Stearns analyst.

For more information:
- read the Philadelphia Inquirer's report