Beverly shareholders to hold sale vote on Valentine's Day

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Shareholders of Beverly Enterprises Inc. will vote on the proposed sale of the company Feb. 14.

Beverly, which released the date of the meeting late Tuesday, said its board set Jan. 13 as the record date for determining those shareholders entitled to vote. Fillmore Capital Partners agreed to purchase the company in November after fulfilling the debt obligations of North American Senior Care. The transaction is valued at about $1.8 billion.

Last month, Beverly extended the deadline for the transaction's completion to March 31, 2006, from March 1, 2006, as part of an amended merger agreement between the two companies. As part of the agreement, Fillmore provided a letter of credit of $10 million. The credit will be used to fund a portion of Beverly employee compensation payments in case the deal collapses.