Beverly Enterprises, Fort Smith, Ark., said its board is considering a $1.53 billion offer from a group of investors who want to buy the stake in the nursing home operator that they don't already own. The investor group, which owns 8.1% of Beverly, offered $11.50 per outstanding share in a letter to the company last December, and the group indicated in a letter last week that the investors are willing to bid higher if due diligence shows that the company is worth more, according to a securities filing made by the investors. The group also would consider an offer to acquire just Beverly's skilled-nursing, assisted-living and hospice facilities for $9 per share, or $1.2 billion. Formation Capital, which manages 152 senior housing and long-term-care facilities valued at $650 million, leads the investor group, consisting of several investment funds and trusts. Beverly operates 351 skilled-nursing facilities, 18 assisted-living facilities, 52 hospice and home-health centers, and a rehabilitation contract service called Aegis Therapies. -- by Vince Galloro
Investor offers to buy remaining Beverly shares
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