Beverly Enterprises makes announcement.

Business Wire | April 13, 1995 | Copyright

FORT SMITH, Ark.--(BUSINESS WIRE)--April 13, 1995--Beverly Enterprises Inc. (NYSE:BEV) Thursday announced additional details regarding its previously announced plan to spin off 80 percent or more of the outstanding shares of its wholly owned subsidiary, Pharmacy Corp. of America (PCA), to Beverly stockholders as a tax-free distribution.

Beverly indicated that it would likely offer for sale up to 19.9 percent of PCA's common stock in an initial public offering (the IPO) prior to the proposed spinoff of PCA to Beverly's stockholders. The IPO would be subject to customary ...

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