Retirement News : Seniors : Long-term care company accepts sweetened buyout offer

Long-term care company accepts sweetened buyout offer

Date Added: 29-08-2005

Beverly Enterprises Inc., which operates a number of long-term care facilities in the Triad, said it would accept a takeover bid from North American Senior Care Inc. for more than $1.9 billion, according to The Associated Press.

Beverly, based in Fort Smith, Ark., announced it would accept the offer Wednesday, just a couple days after a rival bidder, Alpharetta, Ga.,-based Formation Capital LLC, offered 10 cents more per share than North American had for the company.

But North American Senior Care struck back by raising the asking price another 10 cents a share, with the final offer of $13 per share.

Beverly runs two facilities in Greensboro and one in Mount Airy. The company has more than 300 skilled nursing centers across the country, plus 18 assisted living centers and 64 home and hospice operators.

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