Although it has been expected for several weeks, Capital Senior Living formally announced, after the market close today, that a special committee of the Board has hired Banc of America Securities as its financial advisor to assist the committee in actively exploring and considering a range of “strategic alternatives.” Outside shareholders, two of whom are now on the Board, had been pushing for management to maximize shareholder value through a sale or break-up of the company, so now they will get their chance to see what the company might be worth in this unsettled market. We are not, however, holding our breath, as we believe that a higher price could be achieved by waiting. More on this in our June issue of The SeniorCare Investor.
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John Doe said,
May 30, 2008 @ 1:51 am
Sava Senior Care has also retained Banc of America for similar reasons. This investor group has held these former Mariner Health assets now for over 3 years.