ABP Acquisition To Acquire ALR Stock For $1.31 Per Share

(RTTNews) - AlerisLife Inc. (ALR) Friday announced a definitive agreement with ABP Acquisition LLC by which ABP will acquire ALR common stock for $1.31 per share in cash. The offered price represents an 85 percent premium to the average trading price. The total consideration is approximately $43.8 million. The transaction is expected to be completed in the first quarter of 2023.

ABP is majority owned and controlled by Adam Portnoy. ABP together with its affiliates currently own approximately 6.1 percent of ALR's outstanding shares of common stock.

Diversified Healthcare Trust (DHC), which holds approximately 31.9 percent of ALR common stock has also consented to the transaction and has agreed to tender its shares in the tender offer.