In a bid to boost the price of its common stock, Comprehensive Care Corp., an Irvine-based health care company, issued an offer to buy about 26.3% of its 15.2 million outstanding shares at $13 per share. The offer expires Jan. 8.
The firm, which operates drug and alcohol rehabilitation centers in 33 states, will use a combination of bank borrowings and internal cash to purchase up to 4 million shares of its common stock, which company management believes is undervalued on the market, a CompCare spokesman said.
The volume of 980,000 shares traded Wednesday made CompCare the sixth most active over-the-counter stock. The stock closed at $11.75 per share, up $1.375.