Shareholders Push for Apria Sale

Third Point Management Co. joined several activist shareholders calling for Apria Healthcare Group Inc. to sell itself.

The Costa Mesa-based home-care provider is considering some proposals, including a bid by Transworld HealthCare Inc.

Third Point, which manages more than $100 million for U.S. and offshore institutional investors, said in a recent letter to Apria’s new chairman, George Argyros: “We, along with other shareholders, will hold this board accountable if opportunities for a transaction are wasted.”

New York-based Third Point, owner of 316,200 Apria shares, added its voice to Franklin Mutual Advisors Inc., holder of an 8.6% stake with 4.44 million Apria shares. Franklin, a mutual fund run by Michael Price, called on Apria to agree to one of the proposals under consideration.

Apria spokeswoman Sheree L. Aronson said, “We certainly value and respect the views of our shareholders and will take them seriously.”