Assisted Living Concepts Announces Completion Of Acquisition By TPG

(RTTNews) - Assisted Living Concepts, Inc. (ALC) on Thursday announced the completion of its acquisition by private equity firm TPG.

Under the terms of the merger agreement, originally announced in February, Assisted Living Concepts, stockholders are receiving $12.00 in cash for each share of Class A common stock. In accordance with the Assisted Living Concepts, charter, based on the Class A per share merger consideration, holders of Assisted Living Concepts' Class B common stock are receiving $12.90 in cash per share.

As a result of the deal, Assisted Living Concepts' stock will no longer be listed for trading on the New York Stock Exchange.

In addition, Assisted Living Concepts said it has appointed Jack Callison as its new Chief Executive Officer. Callison succeeds Interim Chief Executive Officer, Dr. Chip Roadman, who is retiring.