Ruling OKs Purchase of 49.9% of ARV Stock
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ARV Assisted Living Inc. said Monday that a Superior Court judge has ruled that a Lazard Freres & Co. affiliate can acquire more than 49.9% of the Costa Mesa-based developer of housing for the elderly.
The affiliate already owns 48% of the company.
In October, ARV set in place a “poison pill” plan in an effort to prevent a possible hostile takeover by the affiliate.
The relationship between the two companies soured when Lazard tried in April to buy ARV competitor Atria Communities Inc. ARV filed suit, but a California court in August dismissed the suit, which had sought to prevent the acquisition and accused Lazard of fraud.
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