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Nu-Med Inc., an Encino hospital operator, agreed...

Nu-Med Inc., an Encino hospital operator, agreed to sell four hospitals to a new company that would be owned mostly by Nu-Med’s employee stock ownership plan. The new company also agreed to acquire Medical Properties Inc., an Encino real estate concern that owns two hospitals currently leased to Nu-Med. Nu-Med would receive $210 million in the deal, while Medical Properties’ stockholders would get $9.66 a share, or $22.9 million. Medical Properties was formed by Nu-Med in 1986.

For the record:
12:00 AM, Feb. 01, 1989 FOR THE RECORD
Los Angeles Times Wednesday February 1, 1989 Home Edition Business Part 4 Page 2 Column 6 Financial Desk 1 inches; 36 words Type of Material: Correction
Nu-Med Inc., an Encino hospital operator, plans to sell four hospitals to a new company that will be owned mostly by the new firm’s employee stock ownership plan. The ESOP’s affiliation was misstated in a story that appeared in Tuesday’s Business section.

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