Offering Postponed for Summit Health Unit
Summit Health Ltd. said it postponed efforts to take its Summit Care Corp. unit public because of weakening market conditions for initial public stock offerings.
Summit Health, based in Burbank, owns hospitals and other medical facilities, and Summit Care operates nursing homes and retirement centers. In May, Summit Care announced plans to offer 2.1 million common shares to the public at between $9 and $11 a share.
Summit Health, which would have retained 54% of Summit Care’s stock after the sale, said the offering might be scheduled later if market conditions improve.