July 17, 2001 |
Beverly Enterprises Inc., the largest operator of skilled-care nursing homes in the U.S., agreed to sell 49 skilled nursing facilities and four assisted living centers in Florida for $165 million in cash to pay down debt. NMC of Florida, an affiliate of Vantage Medical Inc. and Formation Capital, will buy the facilities and agreed to terms for senior debt financing with UBS Warburg and Heller Healthcare, Beverly said in a statement. The sale is expected to be complete by the fourth quarter.
May 16, 2002 |
The state of California has notified Beverly Enterprises Inc. that it is investigating possible criminal charges against the company based on civil citations issued between 1998 and 2001 related to patient care. In its quarterly report filed with the Securities and Exchange Commission, Beverly said it can't immediately assess the nature or significance of any charges that might be filed.
August 18, 2005 |
Beverly Enterprises Inc., which operates 345 nursing homes from California to Virginia, agreed to be acquired by a newly formed investor group for $1.63 billion in cash after rejecting an unsolicited offer from another group in March. North American Senior Care Inc., whose principals weren't identified, would pay $12.80 for each of Beverly's 127.1 million shares outstanding, Fort Smith, Ark.-based Beverly said Wednesday. That is less than Beverly's closing price of $12.94 on Tuesday.
August 21, 1999 |
Beverly Enterprises Inc. said it will reimburse the government $170 million and pay a $5-million fine in a tentative settlement of Medicare fraud charges. The nation's largest nursing home operator said it will take a second-quarter pretax charge of $199 million to cover the cost of the settlement. The payment would be the largest ever by a nursing home company over alleged Medicare fraud.
August 20, 2005 |
Nursing home operator Beverly Enterprises Inc. said Friday that it received an unsolicited $1.64-billion takeover offer from a group of investors, two days after agreeing to be bought by North American Senior Care Inc. for $1.63 billion. The investor group, led by Formation Capital, raised its offer for Beverly to $12.90 a share in cash, topping its previous overtures and the $12.80-a-share deal that Beverly sealed with North American on Wednesday.
November 22, 2005 |
Nursing home operator Beverly Enterprises Inc. said Monday that it would be acquired by Fillmore Strategic Investors for $1.59 billion after its previous suitor failed to get financing for a $1.65-billion takeover bid. The agreement with Fillmore marked the latest twist in a 10-month takeover saga that began in January, when a Beverly investor led a $1.5-billion unsolicited bid for the company. Beverly in March put itself up for sale and began accepting formal offers.
August 19, 2006 |
Nursing home operator Beverly Enterprises Inc. has agreed to pay $20 million to settle allegations that it defrauded federal and California healthcare programs, the Justice Department announced Friday. The Fort Smith, Ark.-based company, once the nation's largest nursing home chain with 60 facilities in California, was accused of submitting false reimbursement claims to Medicare and Medi-Cal through a now-defunct subsidiary, MK Medical.
June 11, 1998 |
Beverly Enterprises Inc. has persuaded a California state court judge to slash a $95.1-million jury award to a patient injured in one of the company's nursing homes by 97%, citing the award as excessive. Superior Court Judge James Kleaver in Yreka chopped the total award to Reba Gregory to $3.1 million after finding jurors miscalculated actual damages stemming from her injuries. Kleaver also concluded that the punitive damage award against Beverly, a Fort Smith, Ark.
August 25, 2005 |
Nursing home operator Beverly Enterprises Inc. said Wednesday that it accepted a sweetened takeover bid from North American Senior Care Inc. that values the company at more than $1.9 billion and narrowly tops a counteroffer made last week by a rival bidder. Under the revised deal, North American Senior Care would pay $13 a share in cash to acquire Beverly, whose directors have voted in favor of the proposal because they say it is in the best interests of its shareholders.
CALIFORNIA | LOCAL
August 3, 2002 |
Relatives of elderly residents who suffered substandard care at a chain of nursing homes said Friday that they believe $2 million in penalties levied against the owner this week will do little to force real reforms at the company, one of the biggest nursing home operators in the nation. Beverly Enterprises Inc.