Skadden Steers Genesis In $275M Sun Healthcare Buy

Law360, New York (June 21, 2012, 4:17 PM EDT) -- Nursing care provider Genesis Healthcare LLC will absorb rival Sun Healthcare Group Inc. in a $275 million deal to reinforce its core business and fortify the combined company amid uncertainty in the U.S. Health care industry, the pair said late Wednesday.

The $8.50 per-share price offered to Sun Healthcare investors represents a 43 percent premium over the stock's Tuesday closing price, and a 56 percent premium over the average close in the 30 days before then. The total deal value includes cash and debt acquired....
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