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Article: Beverly Enterprises stock falls after news of sale; gets $369 million, not $235 million, for nursing homes.
- Article from:
- Los Angeles Business Journal
- Article date:
- July 24, 1989
- Author:
CopyrightCOPYRIGHT 1989 CBJ, L.P. 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 stock falls after news of sale
Gets $369 million, not $235 million, for nursing homes
An investor buying opportunity has been created by negative reaction to nursing home giant Beverly Enterprises' announcement last week of a massive sell-off of a third of its homes, local analysts said last week.
Beverly stock traded at $8 a share late last week, off 12 percent from $9.125 a share before the announcement of Beverly's plans to sell 370 of its 950 nursing homes, and reduce second quarter pre-tax earnings by $120 million. Beverly was one of last week's most heavily traded stocks on the Big Board.
"The market has just ...