North American Senior Care has until Tuesday to make a counteroffer on the purchase price of Beverly Enterprises, the latter’s officials say. Beverly (BEI) announced it had agreed to sell to North American on Wednesday, but a third party came up with a more lucrative offer Friday, potentially pushing North American out of the spotlight.
BEI officials said they cannot officially extinguish terms of the agreement with North American until Tuesday. North American has had a hand in the two biggest purchases of nursing home facilities in recent years. BEI stock was trading at $12.88 per share late this morning – slightly below the new bid of $12.90 by a Formation Capital-led group and above the $12.80 bid from North American.
Other suitors also may still have a say in the fate of the No. 2 nursing home chain in the country. Officials from BEI, which has 345 nursing homes, as well as assisted living and hospice facilities, and affiliated seniors services, said they originally received bids from 10 groups. BEI put itself up for auction in March after an unsolicited bid of $11.50 per share from Formation sparked a hostile takeover attempt.