National Medical to Spin Off Unit: Hillhaven...
From Times Staff and Wire Reports
National Medical to Spin Off Unit: Hillhaven Corp., one of the nation’s largest operators of long-term nursing and retirement facilities, will separate from parent firm National Medical Enterprises Inc., officials said. National Medical, Los Angeles, said stockholders as of Jan. 12 will receive on Jan. 31 one share of Hillhaven stock for each share of National Medical. National Medical will retain 14% of Hillhaven’s stock, with options to increase its shares to 33%, officials said. Hillhaven will trade on the American Stock Exchange under the symbol HIL. Top management, including Hillhaven President Christopher Marker, will be retained and the firm will keep its headquarters in Tacoma, Wash.
