Beverly ends attempt to acquire SunDance Rehab.Citing "irreconcilable issues," Beverly Enterprises Inc. terminated efforts to acquire Sun Healthcare Group Inc.'s rehabilitation rehabilitation: see physical therapy. business.
In December 2003, Fort Smith, Ark.-headquartered Beverly Enterprises announced it had struck a $34 million deal to acquire SunDance Rehabilitation Corp., an Irvine, Calif.-based competitor in the rehabilitative re·ha·bil·i·tate
tr.v. re·ha·bil·i·tat·ed, re·ha·bil·i·tat·ing, re·ha·bil·i·tates
1. To restore to good health or useful life, as through therapy and education.
2. care business.
But in February, Beverly said certain "financial and operating perimeters" discovered during the due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process were not in line with the company's expectations.
The decision to end the deal was not related to the financial terms, Beverly Chairman and Chief Executive Officer William R. Floyd said in a company release.
Sun Healthcare Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard Matros said the company was in no hurry to sell the rehab unit. He expects it will continue to prosper in the coming year.