Skilled Healthcare Group exploring sale
The Skilled Healthcare Group, a holding company with subsidiary healthcare services companies, has announced that its board of directors has engaged J.P. Morgan Securities to assist the company in exploring strategic alternatives to maximize stockholder value, including a potential sale of the company's real estate assets or the whole company.
According to officials, while the company maintains a positive outlook for its performance as a standalone entity, its board of directors has recognized the current favorable market conditions and determined that a strategic transaction may enhance stockholder value. There are no assurances that the board will decide on a strategic transaction or that the exploratory process will result in a transaction.
No timetable has been set for completion of the board's review, and the company doesn't intend to announce further developments in the process until the board either completes its review or the company enters into a transaction.
[See related story: Skilled Healthcare Group rating lowered]
Based in Foothill Ranch, Calif., Skilled Healthcare Group and its wholly-owned companies operate long-term care facilities and provide a wide range of post-acute care services, with a strategic emphasis on sub-acute specialty healthcare. The company's long-term care facilities in California, Iowa, Kansas, Missouri, Nebraska, Nevada, New Mexico and Texas include 74 skilled nursing facilities that offer sub-acute care and rehabilitative and specialty health skilled nursing care and 22 assisted living facilities that provide room and board and social services.
Skilled Healthcare Group also provides hospice and home healthcare in Arizona, California, Idaho, Nevada, Montana and New Mexico and leases five skilled nursing facilities in California to a third party operator.
