Menomonee Falls-based Assisted Living Concepts Inc. announced today that it has entered into an agreement to be acquired by private investment firm TPG.
Assisted Living Concepts operates 210 senior living facilities, with 9,313 residential units, in 20 states.
Under the terms of the deal, Assisted Living stockholders will receive $12 cash for each share of class A common stock. Holders of class B stock will receive $12.90 cash for each share.
“We are very pleased with the transaction,” said Mel Rhinelander, chairman of a special committee of the Assisted Living Concepts board of directors. “The acquisition represents a significant premium for our shareholders, and we also believe that TPG will help continue ALC’s focus on high quality service and care for our residents.”
The closing of the transaction is conditioned upon, among other things, affirmative votes of ALC’s stockholders and the receipt of regulatory approvals.
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