Sunrise calls off deal to buy Constellation properties.Sunrise 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. exercised its option to walk away from its deal with Constellation Health Services health services Managed care The benefits covered under a health contract to buy 15 communities (12 existing and three under construction) and several sites. ("Sunrise to buy Constellation's senior living assets," November 1999] Sunrise's good faith deposits in the amount of $1.6 million, plus interest, will be returned. Sunrise incurred about $775,000 in costs associated with the deal. Although Fairfax, Virginia-based Sunrise gave no explanation for its decision, Raymond James analyst James Kumpel said that 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. revealed that Sunrise wouldn't be getting all it bad bargained for. "It's good that corporate hubris Hubris An arrogance due to excessive pride and an insolence toward others. A classic character flaw of a trader or investor. didn't get in the way of business rationale," Kumpel said. Sunrise's recent difficulty integrating the Karrington acquisition, Kumpel added, "brought to the forefront the dangers of walking into an unstabilized property base and trying to turn it around." |
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