Close up image of a caretaker helping older woman walk

Beverly Enterprises Inc., the largest nursing home chain in the country, is moving on to a second round of bidding after putting itself up for auction, according to chairman and CEO William R. Floyd.

Some downsizing of the 34,000-employee workforce in the company may be necessary when the company finds a buyer, he said.

“Some of the finalists have indicated that they would continue Beverly as an operating company in its present form, but others may not do so,” Floyd said.

The company, which was the object of a hostile takeover earlier this year, has not disclosed auction participants or how many bidders went on to the second round. Potential buyers will now get a more detailed look at the company, including visits to nursing homes and Beverly’s other operations, Floyd said. Beverly could still partner with a bidder in running the company, he said.
 
Beverly, now known as BEI, rejected a $1.5 billion offer from Formation Capital LLC in January. Formation then launched a proxy battle with Beverly. The nursing home company called off the fight when it agreed to put itself up for sale and include Formation as a bidder.