Advocat to sell Canadian subsidiary for $8 million.Advocat Inc. has signed a letter of intent with Counsel Corp. for Counsel to acquire Diversicare Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Management Services Inc., Advocat's Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. subsidiary. Counsel, a Toronto-based investment firm, is to acquire 100 percent of Diversicare Canada's outstanding stock for $8 million (U.S.). Diversicare Canada manages several nursing homes for Counsel and other owners in Canada, The sale encompasses 13 nursing homes and 23 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities. Advocat, based in Franklin, Tenn., operates 56 ALFs with 5,245 units and 64 SNFs containing 7,230 licensed beds. A Mena, Ark., jury recently issued a $78.4 million verdict against Advocat and certain of its subsidiaries in a professional liability lawsuit lawsuit: see procedure; tort. . The June 26 verdict came one week after Advocat's announcement concerning the Canadian properties. |
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