Assisted Living Concepts Inc. (ALC) announced Tuesday that it has entered into a definitive agreement to be acquired by TPG, the global private investment firm.
As per the terms of the agreement, ALC stockholders will receive $12.00 in cash for each share of Class A common stock. In accordance with the ALC charter, based on the Class A per share merger consideration, holders of ALC's Class B common stock will receive $12.90 in cash per share.
The agreement was approved by ALC's Board of Directors and a Special Committee of the Board of Directors formed in connection with the exploration of strategic alternatives.
The closing of the transaction is conditioned upon affirmative votes of ALC's stockholders, including a majority of the holders of its Class A common stock (excluding certain affiliated holders), the receipt of customary regulatory approvals and other customary closing conditions. The transaction is not subject to a financing condition.
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