* Says Class A shareholders to get $12.00 per share
* Says Class B shareholders to get $12.90 per share
* Shares rise 22 pct
Feb 26 Assisted Living Concepts Inc said
it agreed to be bought by investment firm TPG for about $278
million, months after the senior living residence operator said
it was looking for buyers for several of its underperforming
Retirement villages have been attractive acquisition targets
over the last few years as an aging U.S. population has raised
demand for residences that also provide nursing facilities.
Health Care REIT Inc bought Sunrise Senior Living
Inc for about $845 million in August 2012, while HCP Inc
said in October it was going to buy 133 senior housing
communities from a joint venture between Emeritus Corp
and Blackstone Real Estate Partners VI for $1.73 billion.
Assisted Living, which operates 210 senior living residences
in 20 states, has been posting losses since the second quarter
of 2012 as occupancy rates declined in its residences.
In November, the company reported a quarterly net loss of $4
million, about 30 percent lower than the previous year.
The company said at the time that it was looking for buyers
for some of its underperforming residences and would use the
proceeds to pay down its debt.
Under the deal with TPG, Assisted Living's Class A
shareholders will get $12 per share while Class B shareholders
will get $12.90 per share.
The transaction values Assisted Living at about $278 million
according to the number of Class A and Class B shares
outstanding as on Oct. 31, 2012.
Shares of the company rose 22 percent to $11.85 in early
trading on Tuesday on the New York Stock Exchange.
Citigroup Global Markets Inc were Assisted Living's
financial advisors, while Goldman Sachs & Co advised TPG.