OTHER NEWS - Aug. 6, 1994
From Times Staff and Wire Reports
Abbey Selling Pharmaceutical Unit: Costa Mesa-based Abbey Healthcare Group Inc. announced Friday that it will sell its 51% interest in Abbey Pharmaceutical Services, a provider of services to long-term care facilities, to Living Centers of America Inc., which currently owns the remaining 49% of the company. Living Centers of America, an operator of long-term health care centers, will acquire Abbey’s majority stake for a combination of $20.5 million in cash and warrants to purchase 250,000 shares of Living Centers stock at $35 per share. The transaction, expected to be completed by Sept. 30, will allow Abbey to generate significant proceeds from the sale of a non-core operation, said company officials.
