Four Seasons in bid for Omega-Principal

Posted on July 1st, by editor in Caring Times. No Comments

Four Seasons Health Care, one of the UK¹s leading healthcare operators, has launched a formal offer to purchase Omega Worldwide Inc, and Principal Healthcare Finance Ltd. Omega is a US listed company based in Michigan, which owns Idun Healthcare Ltd which operates 127 care homes in the UK. Principal, a Jersey based company, owns 231 care homes in the UK, many of which are operated on its behalf by Idun. It also owns the Baneberry portfolio of homes, which includes 29 care homes in Northern Ireland. Four Seasons is soon to begin an all-cash tender offer for the common stock of Omega which is inter-conditional on the acquisition of Principal. Four Seasons expects to close the transaction during September. Acceptance of the tender offer by at least 50.1 per cent of Omega shareholders, at the price of US$3.32 per share, is a condition to the closing of the deal. Certain large stockholders and the directors and officers of Omega, holding approximately 40 per cent of the outstanding shares, are said to have agreed

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