PhyCor considers options. (Short Takes).
In the wake of a sharp decline in its stock price, PhyCor Inc. is reportedly considering going private. The company's stock price has lost three-quarters of its value over the past year--plunging from more than $2 billion to around $500 million. Joseph C. Hutts, the firms CEO, told reporters that about a half a dozen investment firms have approached him to discuss an investment or leveraged buyout for the physician practice management company.Hutts said that his firm is listening to the proposals and evaluating its options. He commented that the company is really in good shape, but that with the stock at this level going private is an option. The physician practice management sector has fallen out of favor on Wall Street after a number of PPMC firms posted declining earnings and reported troubles in continuing their rapid growth rates.
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| Publication: | Physician Executive |
|---|---|
| Article Type: | Brief Article |
| Geographic Code: | 1USA |
| Date: | Jan 1, 1999 |
| Words: | 141 |
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