Foothill Ranch-based Skilled Healthcare Group Inc. said today that it is being bought in an all-stock deal by Kennett Square, Pa.-based Genesis HealthCare. A purchase price was not disclosed.
Shares of the nursing home operator were up 21% in midday trading today after closing up 2% to a market value of $246.8 million yesterday. Skilled and Genesis announced the deal after the market closed yesterday.
Shareholders of Skilled will own 26% of the combined company, while holders of privately held Genesis will hold the remaining 74%.
The combined company will have its headquarters in Kennett Square, operate under the Genesis name and trade on the New York Stock Exchange.
Skilled said in a news release that it expects the deal to close in early 2015.
Genesis bought another Orange County-based nursing home company, Sun Healthcare Group Inc., for $275 million in 2012.
