Beverly brass mulls alignment
Top management at Beverly Enterprises could align with a possible bidder, according to Chairman and CEO William R. Floyd.Speaking April 21 at the nursing home giant's annual meeting, Floyd said there has been a "robust level of interest in our company" and that new suitors might still emerge.
The tight-lipped CEO did not disclose the names of current suitors during the meeting, which was held under tight security in a dining room at company heaquarters. At least a dozen firms have contacted Beverly (BEI) about a possible purchase, he said earlier last month.
In January, Beverly revealed that it was being pursued by investors linked to Formation Capital. A month later, Beverly rejected an unsolicited offer of roughly $1.5 billion from the group, which responded by launching the proxy battle.
The two sides recently reached an agreement that would postpone the proxy fight and establish the Alpharetta, GA-based consortium as a bidder.