Completion of Beverly sale could occur by February end
The sale of Beverly Enterprises Inc. to Fillmore Capital Partners could be completed as early as the end of this February, according to Beverly's senior vice president of investor relations and corporate communications.
Last week, Beverly issued a preliminary proxy statement to the Securities and Exchange Commission regarding the upcoming events of the sale. Once the SEC has reviewed the proxy, the company will set a meeting for shareholders who will then vote on the sale. That meeting could occur in January, said Jim Griffith. The SEC's review could delay the closing of the sale until the end of March, he said.
Fillmore Capital Partners emerged as the prospective buyer of Beverly last month after it fulfilled the debt obligations of North American Senior Care. It is buying Beverly for $12.50 per share, 50 cents per share lower than what NASC was planning to pay.