Oct. 31--Chicago-based nursing home owner Aviv REIT is being acquired by a Maryland competitor in a $3 billion stock deal.
Aviv shareholders will receive the equivalent of $34.97 in Omega Healthcare Investors stock for each Aviv share. Aviv stock closed Thursday at $30.10.
Taylor Pickett, chief executive of Hunt Valley, Md.-based Omega, will be chief executive officer of the combined company. Craig Bernfield, current Aviv chairman and chief executive, will join the board of the combined company.
The combined company will own 874 properties in 41 states. The combination is expected to save the companies $9 million.
Following the acquisition, Omega will maintain its corporate headquarters in Maryland. Dan Booth and Bob Stephenson will retain current roles as chief operating officer and chief financial officer, respectively, of the combined company. Aviv's acquisition and development operations will continue to be based in Chicago.
byerak@tribune.com
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