Skilled Healthcare considers sale
Nursing home operator Skilled Healthcare Group Inc. announced it has hired J.P. Morgan Securities to maximize its stockholder value and explore “strategic options,” including a possible sale.
“While the company maintains a positive outlook for its performance as a standalone entity, its Board of Directors has recognized the current favorable market conditions and determined that a strategic transaction may enhance stockholder value,” the company said in a statement Monday.
Skilled Healthcare, which has more than 10,500 licensed beds and is the 11th largest nursing home operator in the United States, saw its shares rise 4% since fourth-quarter results beat estimates in February. But in November, the company paid a $50 million settlement for a class action lawsuit for allegedly understaffing 22 facilities in California. The company admitted to no wrongdoing but agreed to perform more oversight on staffing levels.