Company Prolongs Bid to Purchase ARV
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COSTA MESA — The Seattle company that launched a hostile $313.2-million tender offer to acquire ARV Assisted Living Inc. said Tuesday that it will extend the offer to Jan. 30.
Emeritus Corp. said it extended the Jan. 21 expiration date so that ARV shareholders can consider the outcome of a Jan. 23 court hearing and the Jan. 28 annual meeting of ARV shareholders.
At the meeting, shareholders will vote for either Emeritus’ slate of nine directors or the company’s slate. At the court hearing, Emeritus is seeking an order that would rescind a recent deal giving a 39.1% stake in the Costa Mesa retirement home operator to an affiliate of Lazard Freres & Co., a New York investment firm. Emeritus owns 6.8% of ARV.
As of Monday, Emeritus said, 228,677 ARV shares had been tendered. While that amounts to little more than 1.4% of the 15.85 million shares outstanding, most shares tendered in such bids come in at the last minute, said Daniel R. Baty, Emeritus’ chairman.
Emeritus, which is offering $17.50 a share, has said it will proceed with an acquisition if it receives more than 50% of the shares.
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