Summit Health to Sell 44% of Subsidiary in Offering
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Summit Health Ltd., a Burbank operator of nursing and retirement homes, said it plans to sell 44% of its wholly owned Summit Care Corp. subsidiary to the public in an initial offering of stock that it hopes will raise between $19 million and $23 million.
The offering consists of 2.1 million shares of common stock priced at $9 to $11 per share, Summit Health said. The parent company plans to hold on to its 56% remaining stake once the offering is completed.
“This is a good opportunity to realize some of the benefits of our extremely successful long-term care operations,” said Daniel Saks, spokesman for Summit Health.
Summit Care operates 21 long-term care centers in California and Texas, including 17 skilled nursing centers and four retirement centers.
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