By Molly • Molly Walker • 

Merger will make senior care company nation's largest

The deal is expected to close within the next couple of months, putting 1,160 care centers under common ownership and management in 48 states. The roster includes five centers in Yamhill County — Villas of McMinnville and Wynwood of McMinnville, affiliated with Brookdale, and Hillside Retirement Community, Osprey Court and Chehalem Springs, affiliated with Emeritus.

“We are pleased that our stockholders have overwhelmingly approved of creating this country’s premier senior living solutions company,” said Andy Smith, CEO at Brookdale. “With integration planning now well underway, we believe more than ever that the combined company will deliver the best high-quality solutions for the growing demographic of aging seniors and their families.”

The merged company will operate under the Brookdale banner with Smith at the helm. “We are working now to finalize state-level regulatory approvals and other customary closing conditions to complete this transaction quickly so that we can deliver on our plans for long-term growth and value creation,” he said.

The deal is valued at $2.8 billion. Under the terms, Brookdale will be absorbing $1.4 billion of Emeritus debt.

Emeritus stockholders are due .95 share of Brookdale common stock for each of their current Emeritus shares.

As the time the deal was struck in February, that amounted to a 32 percent premium. It would give Emeritus stockholders a 27 percent stake in Brookdale.

The transaction is projected to produce no additional return for shareholders the first year, but be contributing at least 40 cents a share by the third year.

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