CPC Extends Deadline for Charter Buyout Offer

Community Psychiatric Centers said Monday that it is extending indefinitely its $1.1-billion unsolicited buyout offer for Charter Medical Corp. of Macon, Ga., in a bid to become the nation’s largest provider of psychiatric hospital services.

Charter management has refused to enter negotiations with the Laguna Hills-based psychiatric hospital chain. But James Conte, CPC’s chief executive, said his company is not giving up.

Conte said he was encouraged by “the support and encouragement we have received from (Charter’s) bondholders and other affected parties who find CPC’s proposal in their best interest and who view management’s rejection of our proposal as inappropriate.”