National Health Investors rejects AdamsMark offer, will keep company public

By Lisa Kerner

Charlotte, N.C., April 9 - National Health Investors, Inc.'s special committee, along with its financial and legal advisers, determined that AdamsMark LP's April 4 offer of a $15.00 dividend and $19.00-per-share purchase price are not in the best interests of the company's stockholders.

The special committee believes that operating National Health Investors as a public company will create greater value for shareholders, according to a company news release.

AdamsMark's "stockholder choice" proposal, valued at $34.00 per share, included a series of transactions as well as stockholder dividends.

The investor said if National Health does not support the proposal, it will support the board in attempts to market the sale of the company at a higher price.

National Health Investors previously rejected AdamsMark's offer of a $15.00 dividend and $18.00-per-share purchase price.

AdamsMark beneficially owns 4,077,799 shares, or 14.7%, of the Murfreesboro, Tenn., health care real estate financing company's stock. National Health Investors chairman and chief executive officer W. Andrew Adams is the sole general partner of AdamsMark.

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