COMPANY ANNOUNCES COMING SALE; SUMMIT SHARES UP.Byline: Ben Sullivan Daily News Staff Writer Prompted by a run-up in its share price, Summit Care Corp. acknowledged Friday it is close to being sold to an undisclosed buyer, for a price ``not to exceed $21 a share,'' capping the price of the company at $143 million. Summit Care Chief Financial Officer Derwin Williams said word of the likely sale had apparently leaked out, prompting heavy trading Friday in the stock. ``Whatever you want to call it . . . information has been flowing,'' he said. ``The activity increased on the Nasdaq, so we felt it in our interest to send out a press release.'' The move apparently worked. Summit Care shares had climbed to as high as $20.37 before the news release, on seven times their three-month average daily trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. , but settled down to $18.37, for a gain of just 87 cents, following the announcement. Summit Care last October hired the investment bank Donaldson, Lufkin & Jenrette Securities Corp. to look at ways to maximize shareholder value. The company was coming off a disappointing year in which it earned just $69,000 on nearly $200 million in revenues, after taking charges in part stemming from a Medicare audit. Summit Care provides 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. and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. in 36 skilled nursing care centers and five assisted-living centers in California, Texas and Arizona. The company also operates three full-service pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major and manages sub-acute units in acute care hospitals. Among potential bidders for the company are Alabama-based Healthsouth Corp., Arkansas-based Beverly Enterprises and Costa Mesa-based ARV ARV abbr. Bible American Revised Version ARV n abbr (= American Revised Version) → traducción americana de la Biblia ARV n abbr (= 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. Inc., all of which are in the rehabilitative care business. |
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