ALC’s Acquisition by TPG

On February 26, 2013, Assisted Living Concepts, Inc. (“ALC”), a Wisconsin‑based operator of 210 senior living residences in 20 states, announced that it has entered into a definitive agreement to be acquired by TPG, the global private investment firm. Cravath represented the Special Committee of the Board of Directors of ALC in connection with this transaction. Under the terms of the agreement, ALC stockholders will receive $12.00 in cash for each share of Class A common stock.

The closing of the transaction is conditioned upon, among other things, affirmative votes of ALC’s stockholders, including a majority of the holders of its Class A common stock (excluding certain affiliated holders), the receipt of customary regulatory approvals and other customary closing conditions.

The Cravath team included partner Erik R. Tavzel, associates Aaron Gruber, Jared M. Averbuch and David B. Page and foreign associate attorney Adrian Bingel on corporate matters; partner Eric W. Hilfers and associate Jarrett R. Hoffman on executive compensation and benefits matters; partner Lauren Angelilli and associates Joanne J. Lee and William B. Abbott on tax matters; and partner Matthew Morreale on environmental matters. Stephen R. Severo also worked on executive compensation and benefits matters.