Ex-ARV Chief Balks
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COSTA MESA — ARV Assisted Living Inc. said its former chief executive, Gary L. Davidson, does not support the slate of nominees proposed by Emeritus Corp., which has made a hostile takeover bid.
Emeritus made a cash tender offer of $17.50 a share for ARV in December. ARV rejected the bid, calling the takeover attempt “inadequate.”
Davidson, who holds a 6.1% stake in Costa Mesa-based ARV, said in a report filed with the Securities and Exchange Commission that he is concerned that the Emeritus offer is subject to numerous conditions, including financing.
Earlier this month, Davidson had joined Emeritus in calling for a special shareholders’ meeting to consider the tender offer.
Emeritus and ARV both operate assisted-living communities.
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