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Article: Beverly nabs new buyer at $12.50 a share.(HEALTH CARE)
- Article from:
- Arkansas Business
- Article date:
- November 28, 2005
- Author:
CopyrightCOPYRIGHT 2005 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Beverly Enterprises Inc. has a new buyer, Fillmore Strategic Investors LLC, which will pay $12.50 a share for the nursing home chain, or $1.59 billion. Beverly said it will pursue the deal but has until Dec. 12 to find a better offer.
The offer is less than the $13 a share that North American Senior Care Inc. had planned to pay. But the investor group did not meet its commitment to provide equity financing for the deal by a Nov. 18 deadline, and Beverly vetted other offers.
"We obviously would have preferred a higher price," William Floyd, Beverly's CEO, said last week. "But our board of directors believed that completing the transaction with this new ...