Genesis Health, a company that owns and operates long-term care facilities, has received a buyout offer from Fillmore Capital Partners exceeding a previous bid from two private equity firms.

Fillmore offered to pay $64.75 per share, valuing the company at more than $1.27 billion, compared with a $63 a share bid made by Formation Capital and JER Partners in a joint venture. Genesis said it would consider Fillmore's proposal, but independent advisors have already recommended the Formation-JER deal and shareholders are set to vote on the offer on May 4. The Genesis board of directors is still recommending the previously agreed upon deal while it reviews Fillmore's offer. Genesis operates more than 200 skilled nursing centers and assisted living facilities in 13 eastern states. It also provides contract rehabilitation therapy to over 600 health care providers in 20 states and Washington, D.C.

Long-term care facilities company Genesis Healthcare Corp. said Wednesday it received a buyout offer from Fillmore Capital Partners LLC that tops a previous offer from a pair of private equity firms.

Fillmore on Wednesday offered to buy Genesis for $64.75 per share in cash. The deal values Genesis at just over $1.27 billion, based on the number of outstanding Genesis shares.

(Continue reading this story on Forbes)

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