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DVCR > SEC Filings for DVCR > Form 8-K on 3-Apr-2014All Recent SEC Filings




Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

Effective April 3, 2014, Diversicare Healthcare Services, Inc. ("Diversicare") entered into an asset purchase agreement with Rose Terrace Acq., LLC ("Purchaser") to sell its skilled nursing facility in Culloden, West Virginia. The purchase price is approximately $16.5 million and is subject to a number of conditions including an amendment to the Master Lease with Omega Health Investors, Inc. (NYSE: OHI) to terminate the lease only with respect to two other skilled nursing facilities in West Virginia, state licensure and regulatory approval. The Company concurrently entered into an operations transfer agreement with American Health Care Management, LLC, an affiliate of the Purchaser with respect to the two other skilled nursing facilities located in Danville and Ivydale, West Virginia. The obligations of the Purchaser and the New Operator are guaranteed by AMFM, LLC. Upon the completion of the transaction, Diversicare will no longer operate any skilled nursing centers in the State of West Virginia. The transaction is anticipated to close no earlier than July 1, 2014. Prior to execution of the asset purchase agreement, the Company exercised its purchase option under its existing lease for Rose Terrace, and completed the purchase of Rose Terrace from Milton Holdings, LLC on March 27, 2014 for a purchase option exercise price of approximately $7.7 million.

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