Beverly grants more time for buyer to meet financing obligations

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Officials of BEI, as Beverly Enterprises Inc. is now known, announced that the company's proposed acquisition agreement with North American Senior Care Inc. has been amended to grant North American Senior Care more time to meet certain financing commitments.

In exchange for the extension North American will pay Beverly $3 million in additional good faith money, increasing the total initial good faith deposit to $10 million. Beverly officials also said that North American now has until Nov. 18 to deliver the full $60 million in good faith deposit with no other strings attached and offer up its $350 million equity commitment.

BEI announced that North American Senior Care won a bidding war to purchase the nation's second-largest nursing home operator last month, topping an offer from Formation Capital.