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Beverly nabs new buyer at $12.50 a share.(HEALTH CARE)
Arkansas Business
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November 28, 2005|
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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, ...
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