June 5, 1998 |
ARV Assisted Living LLC said Thursday it adjourned its annual meeting this week for lack of a quorum--a rare event in the corporate world. The move reflects the legal tensions between the Costa Mesa operator of homes for the elderly and its largest shareholder. A real estate investment affiliate of the New York investment house Lazard Freres & Co., a unit that holds a 47.9% stake in ARV, didn't vote its shares at the meeting Wednesday morning. When only 48.
May 14, 1998
Costa Mesa-based ARV Assisted Living Inc. said it has filed suit seeking to stop the sale of another nursing home company, Atria Communities Inc., to Lazard Freres & Co., which owns a stake in ARV. Lazard agreed to buy Atria last month through its Kapson Senior Quarters unit for about $750 million. In the Orange County Superior Court suit, ARV said Lazard violated contractual agreements giving ARV the first right to buy, lease or manage any acquisitions Kapson proposes.
May 14, 1998 |
Worried that its expansion plans are being undercut by an ally, ARV Assisted Living said Wednesday it has filed a lawsuit to try to keep its largest shareholder from buying a Kentucky-based retirement home operator. The lawsuit is the latest twist in a knotty alliance formed last year between the Costa Mesa-based ARV, which also operates retirement centers, and an affiliate of the New York investment house Lazard Freres & Co. that now owns almost 50% of ARV.
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.