Extendicare moves forward with spin-off plans
Extendicare Inc.'s Assisted Living Concepts Inc. has filed official federal registration documents with the Securities & Exchange Commission to spin off from the company's division in the United States.Extendicare outlined its plans last week to spin off ALC into a separate company that will own and operate all assisted living business, including 206 sites in 17 states, according to a statement released by the company. ALC will be listed as a publicly traded company on the New York Stock Exchange.
The Ontario-based nursing home chain said it will covert the remainder of the company into a real estate investment trust. The moves come after the company said in February it planned to reorganize or auction itself to boost shareholder value. Extendicare Health Services is a wholly owned subsidiary of Extendicare in the U.S.