Affiliate of C3 Capital Announces Offer to Purchase Assets of American Retirement Villas Properties III, L.P.; Tender Offer by C3 Capital Terminated.Business Editors NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--Oct. 24, 2001 In response to the tender offer by an affiliate of ARV ARV abbr. Bible American Revised Version ARV n abbr (= American Revised Version) → traducción americana de la Biblia ARV n abbr (= Assisted Living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. Inc. (ARV) (AMEX AMEX See: American Stock Exchange :SRS SRS, SRS-A see slow-reacting substance. ) for units of the limited partnership interests of American Retirement Villas Properties III, L.P., C3 Capital, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (C3 Capital) today announced that its affiliate, Vintage Senior Housing, LLC made an offer to purchase all of the partnership assets of American Retirement Villas Properties III, L.P., including its two retirement facilities in Chandler, Ariz., and Camarillo, Calif., for $19.5 million. If accepted, this offer could result in an aggregate distribution to the limited partners of approximately $428 per unit. C3 Capital also announced today it has elected to terminate its tender offer for up to 10,000 units representing limited partnership interests in American Retirement Villas Properties III, L.P. Any units tendered will be returned to unit holders. Gary L. Davidson, chairman of C3 Capital, said, "After evaluating the tender offer recently launched by an affiliate of ARV for $360 per unit, our interests and the interests of limited partners will be better served if Vintage Senior Housing, LLC purchased the partnership assets resulting in a potential estimated distribution to limited partners of $428 per unit. This amount represents a $68 per unit or approximately a 19% premium over the ARV tender offer of $360 per unit. It also represents a $45 per unit or approximately a 12% premium over ARV's determination of the partnership's liquidation value Liquidation value Net amount that could be realized by selling the assets of a firm after paying the debt. of $383 per unit. This is an opportunity for limited partners to receive a liquidating distribution from the partnership." About C3 Capital, LLC C3 Capital, LLC is a company founded by persons formerly affiliated with ARV Assisted Living, the managing general partner of American Retirement Villas Properties III, L.P. Gary L. Davidson was formerly a general partner and is now a special limited partner of American Retirement Villas Properties III, L.P. Neither Gary L. Davidson nor C3 Capital, LLC or its affiliates are currently affiliated with ARV Assisted Living. More information regarding C3 Capital and its affiliates is available in C3 Capital's tender offer statement sent to holders of limited partnership units of American Retirement Villas Properties III, L.P. on Oct. 4, 2001. This news release is for informational purposes only. In the event there is submitted to unit holders of the partnership any matter requiring their vote, proxy or consent, unit holders should read the proxy or consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with statement when it is available because it contains important information. Copies of any proxy or consent statement sent in the future from C3 Capital or its affiliates will be available for free from C3 Capital and will be available on the Securities and Exchange Commission's Web site at www.sec.gov. |
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