According to people familiar with the matter, one of the biggest operators of senior living communities in the US is exploring options including a possible sale. The stock gained a lot.
People who asked not to be identified said the company is working with financial advisers to find potential buyers. A final decision has not been made.
A representative for the company wouldn't say anything.
At 11:26 a.m., the company's market value was nearly $1 billion.
The majority of its resident-fee revenue came from private payers as of the end of June.
It sold most of its health-care services segment last year.
According to data from The National Investment Center for Seniors Housing & Care, senior living homes across the country experienced a record low inOccupancy rates during the height of the coronaviruses epidemic. As the US population gets older, the company expects demand for its services to increase.
Activist investors have been targeting the company. The company should split into two entities, a real estate investment trust and senior-housing operator, according to Jonathan. The whole company was argued for by the investment management company.
The company was put up for sale for as much as $11 a share.
(Updates trading in first and fourth paragraphs.)
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