May 13, 1998
ARV Assisted Living Inc.: The Costa Mesa operator of assisted living communities posted a first quarter net loss of $3 million, or 19 cents a share, which included $1.5 million of expenses related to its successful effort to fend off a hostile takeover bid by Seattle-based competitor Emeritus Corp. That compared with a net loss of $2.6 million, or 27 cents a share, for the 1997 first quarter. Revenue increased 18% to $27.3 million from $23.1 million.
April 3, 1998 |
Emeritus Corp. said Thursday that it cut its holdings in ARV Assisted Living Inc. to less than 5% from 6.8% after losing its bid to take over the Costa Mesa operator of housing facilities for the elderly. Seattle-based Emeritus, which also operates assisted-living facilities, in January withdrew its $313-million offer, which amounted to $17.50 a share plus assumed debt. Emeritus' effort was stymied when ARV lined up with a group of investors led by Lazard Freres & Co.
February 13, 1998 |
ARV Assisted Living Inc. said Thursday that it agreed to buy interests in 13 senior housing complexes in California for $88 million. The projects, which contain 1,900 units, are owned by Hillsdale Group LP in Burlingame. When completed, the deal will give ARV 43 communities containing 5,300 units in California, and 63 communities containing 8,300 units in 10 states.
January 31, 1998 |
Emeritus Corp. said Friday that it has dropped its $313-million takeover bid for ARV Assisted Living Inc. in Costa Mesa after a California court rejected the Seattle company's bid to overturn a series of transactions that gave ARV allies a large stake in the company. Emeritus, which said in October that it wanted to buy ARV, was offering $17.50 a share and assumption of debt for the assisted living services company.
January 29, 1998 |
Shareholders of ARV Assisted Living Inc. apparently turned aside a slate of nominees proposed by a Seattle company Wednesday and put the incumbent directors back on the board. The operator of homes for the elderly said early in the day that results from the vote at the annual shareholders meeting favored the incumbents over those nominated by rival Emeritus Corp., which has a hostile $313-million tender offer pending.
January 28, 1998 |
Embattled retirement home operator ARV Assisted Living Inc. is expected to deal a crippling blow today to the $313-million hostile takeover bid from Seattle rival Emeritus Corp. With two court victories and a more powerful ally, ARV has assured itself of fending off Emeritus' slate of director nominees and winning election for its candidates to the nine-seat board at the company's annual meeting today. It also can send Emeritus scurrying with a resounding vote from shareholders.
January 16, 1998 |
ARV Assisted Living Inc. said its former chief executive, Gary L. Davidson, does not support the slate of nominees proposed by Emeritus Corp., which has made a hostile takeover bid. Emeritus made a cash tender offer of $17.50 a share for ARV in December. ARV rejected the bid, calling the takeover attempt "inadequate." Davidson, who holds a 6.
January 14, 1998 |
The Seattle company that launched a hostile $313.2-million tender offer to acquire ARV Assisted Living Inc. said Tuesday that it will extend the offer to Jan. 30. Emeritus Corp. said it extended the Jan. 21 expiration date so that ARV shareholders can consider the outcome of a Jan. 23 court hearing and the Jan. 28 annual meeting of ARV shareholders. At the meeting, shareholders will vote for either Emeritus' slate of nine directors or the company's slate.
January 13, 1998 |
ARV Assisted Living Inc., trying to fend off a hostile takeover bid, said Monday that it has been sued by shareholders who accuse executives of failing to "take the steps necessary to maximize shareholder value." ARV said it was officially served Friday with a copy of the lawsuit, filed Dec. 12 in Orange County Superior Court. The lawsuit challenges an ARV deal that redeemed $60 million in notes held by a unit of Lazard Freres & Co. in New York in return for a 39% stake in the company.