Diversicare Merger Moves Ahead Following Troubling Third Quarter
It seemed to be a difficult third quarter for Diversicare Healthcare Services, at least operationally, when it reported drops in its NOI, EBITDA, patient revenue and its Medicare, private pay and hospice average daily census when compared with the third quarter of 2020. But the planned merger with DAC Acquisition LLC, a privately held Delaware limited liability company managed by Ephram Lahasky and owning/leasing 100 skilled nursing and similar facilities in over 20 states, is still on track to close later this quarter. The price is for $10.10 per share in cash, or a premium of approximately 256% to the closing price of $2.84 for Diversicare’s common stock on August 19, 2021,... Read More »
Diversicare Healthcare Services Deal Signed
When the news first broke several days ago that an investor had offered to buy Diversicare Healthcare Services for $10.10 per share when it was trading below $3.00, well, we said it was an offer that would be hard to turn down. The board did not, and it appears to be a nice windfall for shareholders. But, the due diligence has to pan out, and it is always an out to find a reason for a lower price. We still are not sure why they offered such a high price in this market, and such a generous premium. The buyer is DAC Acquisition LLC, run by Ephram “Mordy” Lahasky. The price represents a very healthy premium of 256% over the closing price of $2.84 on August 19. The merger agreement includes a... Read More »
‘Tis the Season for Takeovers
One group of investors essentially took control of Genesis HealthCare, another group is trying to do the same thing with Capital Senior Living, and a third group wants to buy Diversicare Healthcare Services, and just may get its way. All three are different, but only one involves giving existing investors a major premium, which is one big reason why it may go through. An entity called MCS Plan, along with its controlling owner Ephram Lahasky, has offered to buy Diversicare for $10.10 per share. The offer letter came from DAC Acquisition LLC, which is also managed by Mr. Lahasky. There are the obvious contingencies and due diligence that needs to be completed, but... Read More »
Diversicare Healthcare Services Exits Florida Market
Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors handled the sale of a skilled nursing facility in Wauchula, Florida (about 40 miles southeast of Tampa). Consisting of 79 beds, the facility was originally built in 1980 and expanded in 1990. Owned by a REIT, this was the last facility operated by Diversicare Healthcare Services in the state, according to public records. Historically, it had consistent operations, which were trending positively before COVID-19 hit and did not deteriorate during the pandemic. But being a non-core asset in Diversicare’s portfolio, the facility was slated for sale to a pre-identified buyer looking to... Read More »Schedule a demo
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