ARV Shuts Out Rival
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COSTA MESA — Shareholders of ARV Assisted Living Inc. apparently turned aside a slate of nominees proposed by a Seattle company Wednesday and put the incumbent directors back on the board.
The operator of homes for the elderly said early in the day that results from the vote at the annual shareholders meeting favored the incumbents over those nominated by rival Emeritus Corp., which has a hostile $313-million tender offer pending.
Later in the day, however, ARV spokesman Mitch Gellman said the company could not provide a vote count until it is certified next week by an independent polling company.
Emeritus conceded the election earlier this week after a court ruling went against it. Emeritus noted that ARV directors and executives and their investor ally, Prometheus Assisted Living LLC in New York, now control 55% of the shares.
Emeritus is deciding whether to proceed with its bid to take over ARV.
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