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Extendicare, ALC merge.

Shareholders of Dallas-based Assisted Living Concepts Inc., (ALC) approved a $278 million merger with Markham, Ontario-headquartered Extendicare Inc., the companies reported in early February.

Under the deal, Extendicare acquired all outstanding shares of ALC at $18.50 per share, for approximately $129.5 million, according to Extendicare. The Canada-based long term care facility operator also gains ALC's 177 assisted living facilities in 14 states.

Before the merger, ALC was the nation's sixth-biggest assisted living facility chain, according to the Assisted Living Facility of America. Extendicare, which now has 440 such facilities across North America, was ranked 23rd.
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Title Annotation:Transactions; Assisted Living Concepts Inc
Publication:Contemporary Long Term Care
Article Type:Brief Article
Geographic Code:1CANA
Date:Mar 1, 2005
Words:97
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