Ruling OKs Purchase of 49.9% of ARV Stock

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.