HEALTH

Hillhaven Rejects Buyout Offer: Accusing its largest shareholder of negotiating a private transaction that hurts other stockholders, Hillhaven Corp. rejected Horizon Healthcare Corp.’s $1.5-billion buyout offer, saying the bid does “not adequately reflect Hillhaven’s value.” Albuquerque, N.M.-based Horizon bid $28 a share in stock for the rival nursing home chain on Jan. 26. Hillhaven’s largest shareholder, Santa Monica-based National Medical Enterprises, has already agreed to sell its 31% stake to Horizon as part of the transaction. NME had been evaluating options for its Hillhaven shares in an effort to raise cash to buy another hospital chain. Tacoma, Wash.-based Hillhaven operates 363 nursing homes, retirement housing and pharmacy services.