In an announcement today by Assisted Living Concepts, Inc., it was disclosed that its stockholders have voted to accept the earlier disclosed merger agreement with associates of TPG. The decision was made at the meeting of the stockholders held earlier today. Based on earlier reports of the election inspector, there are over 81% of the voting power of Assisted Living Concepts' common stocks holder and over 61% of the voting power of the Assisted Living Concepts' Class A common stock holder voted for the approval of the merger agreement.
In addition, over 77% of the voting shares of Assisted Living Concepts' common stock possessed by all stockholders also voted in favor of the approval of the offer with the provision that compensation would be payable to named executive officers of Assisted Living Concepts following the completion of the merger. The purchase depends on the acceptance of the customary regulatory approvals and other normal closing conditions. The deal is expected to conclude in the summer of 2013.
The merger agreement offers Assisted Living Concepts shareholders to receive US$12 cash per share of Class A common stock. In conformity on the Assisted Living Concepts' Corporate By-laws where the Class A per share merger considerations, holders of Assisted Living Concepts' Class B common shareholders will receive US$12.90 in cash per share.
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