Regency Health OKs Merger Plan With Care Enterprises
Regency Health Services Inc. on Tuesday said it signed a merger agreement with Care Enterprises Inc.
Each Care Enterprises common share will be converted into 0.71 of a Regency common share. Based on Monday’s closing price of $12.625 for Regency stock, the transaction is valued at around $120 million.
Regency, based in Newport Beach, operates 44 health-care facilities in California.
Care Enterprises, based in Tustin, operates 51 nursing homes and rehabilitation centers in California and Ohio.
The merger is subject to approval by both companies’ stockholders and regulatory agencies. It is expected to to be completed by the middle of next year.
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