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Stockholders to Receive $1.31 Per Share in Cash, an 85% Premium to the 30-Day Average Trading Price Prior to the Tender Announcement
NEWTON, Mass.--(BUSINESS WIRE)--
AlerisLife Inc. (Nasdaq: ALR) today announced that ABP Acquisition LLC, or ABP, has successfully completed the previously announced tender offer to acquire all outstanding shares of the common stock of ALR for $1.31 per share in cash. $1.31 per share represents an 85% premium to the 30-day average trading price prior to the tender announcement.
The tender offer expired at one minute after 11:59 p.m., Eastern Time, on March 17, 2023. As of the expiration, 22,375,687 shares had been validly tendered and not validly withdrawn from the tender offer, representing approximately 72.8% of the outstanding shares of ALR common stock, including the 1,972,783 shares already owned by ABP. ABP subsequently accepted all 22,375,687 shares for payment.
Following the closing of the tender offer, ALR merged with and into a subsidiary of ABP and all shares that had not been validly tendered were converted into the right to receive the same $1.31 per share in cash. As a result of the merger, ALR became a wholly owned subsidiary of ABP. Shares of ALR common stock ceased trading on Nasdaq and ABP intends to promptly cause such shares to be delisted. Payment will be made promptly to all former ALR stockholders regardless of whether they tendered their shares.
About AlerisLife
AlerisLife enriches and inspires the lives of its older adult customers across the United States by delivering an exceptional and enhanced resident experience to senior living and active adult residents, while also offering lifestyle services to the younger “choice-based” consumer. The Company is headquartered in Newton, Massachusetts. For more information, visit www.alerislife.com.
Five Star Senior Living (FVE) is a senior living and rehabilitation and wellness services company. As of Sept. 30, 2020, FVE operated 263 senior living communities (30,544 living units) located in 31 states, including 239 communities (28,232 living units) that it managed and 24 communities (2,312 living units) that it owned or leased. FVE operates communities that include independent living, assisted living, continuing care retirement and skilled nursing communities. Additionally, FVE's rehabilitation and wellness services segment includes Ageility Physical Therapy SolutionsTM, or Ageility, a division of FVE, which provides rehabilitation and wellness services within FVE communities as well as to external customers. As of Sept. 30, 2020, Ageility operated 209 outpatient rehabilitation clinics and 40 inpatient rehabilitation clinics. FVE is headquartered in Newton, Massachusetts.
