Genesis Health Ventures, Kennett Square, Pa., said it has hired investment banks UBS Warburg and Goldman Sachs & Co. to "explore certain strategic business alternatives," including the potential sale or spinoff of its nursing home assets. "We are considering these alternatives in order to maximize shareholder value while maintaining our focus on growing NeighborCare, our institutional pharmacy business," Genesis interim CEO Robert Fish said in a written statement. "While we will evaluate such alternatives, there can be no assurance that any transaction will be completed." Genesis emerged from Chapter 11 bankruptcy protection in October 2001. It reported revenue of $2.57 billion last year -- $1.1 billion from NeighborCare and the bulk of the remainder from its nursing home division, ElderCare, a company spokeswoman said. The company is proceeding with its purchase of NCS Healthcare, the nation's fourth-largest provider of institutional pharmacy service, despite a hostile takeover offer by Omnicare, Covington, Ky. -- by Julie Piotrowski
Genesis considers divesting nursing home business
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