Fund Wants Apria to Agree to a Takeover

Michael Price’s Franklin Mutual Advisors Inc. said Apria Healthcare Group Inc. should agree to one of the recent proposals to take over the home-care services provider. Costa Mesa-based Apria shares rose $1 to close at $11.94 on the New York Stock Exchange after the company said it is considering Transworld HealthCare Inc.’s revised bid of $1.43 billion, or $18 a share, along with proposals from other parties. Franklin Mutual, which holds an 8.6% stake in Apria, said the health-care services provider should negotiate a transaction that brings “a substantial cash infusion” to the company while making “a substantial cash distribution to shareholders,” and installs “new management with experience and demonstrated success in the health-care industry.” Price’s Franklin Mutual made the statements in a Schedule 13D filing with the Securities and Exchange Commission after stock markets closed Thursday. Officials with the Short Hills, N.J.-based mutual fund group couldn’t be reached for comment. Apria officials weren’t immediately available for comment.