Nursing home operator Beverly Enterprises Inc. announced Friday it received a higher bid of $1.91 billion from a private investor group, forcing the original high bidder to decide whether to submit another proposal to buy the company by Tuesday.
On Wednesday, investment group North American Senior Care Inc. offered $1.85 billion, or $12.80 per share, for the nursing home company, a bid Beverly’s board said it would accept. But an investor group led by Formation Capital LLC, the group that mounted the original hostile takeover attempt of Beverly, came in with a late bid of 10 cents more per share on Friday.
