DAC Acquisition has completed its previously announced acquisition of Diversicare Healthcare Services (Diversicare) through a merger.
The deal closed nearly three months after DAC Acquisition signed a definitive agreement to acquire all outstanding shares of Diversicare common stock for $10.10 per share in cash.
Diversicare is a provider of provider of post-acute care. It offers care services to patients in 61 nursing centres and 7,250 skilled nursing beds.
The deal closed after the transaction was approved by Diversicare’s stockholders at a special meeting.
With completion of the merger deal, Diversicare will now be a wholly-owned company of DAC Acquisition. The shares of Diversicare’s common stock will be de-listed and will no longer trade on the OTCQX.
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Diversicare’s existing management team will also continue their association with the company.
At the time of announcement, DAC Acquisition CEO Ephram Lahasky said: “We are excited by the opportunity to add Diversicare’s centres to our portfolio and to have the opportunity to have access to their team and operating platform.
“I have closely followed Diversicare’s corporate progress from the perspective of a stockholder and as an operator. The possibilities available to our existing portfolio and Diversicare’s portfolio by this combination are very encouraging.
“DAC Acquisition LLC views this transaction as a unique opportunity to grow together in the healthcare space with Diversicare’s professional leadership team and dedicated staff who care for their thousands of patients daily.”