Sunrise To Explore Sale Of Company
Sunrise Senior Living announced that its board has decided to explore the company's strategic alternatives, including the possible sale of the company.
The McLean company has been under pressure from several large investors, some of whom have urged it to change management and consider selling, in order to boost its sluggish stock price.
Sunrise has been beset by accounting problems in recent months. Today, the company raised the estimate of how it may have to cut net income for the period between 1999 and 2005 to as much as $125 million---up from $107 million.
Sunrise is the nation's largest assisted-living provider, with 444 communities in the United States and abroad.
"For more than 25 years, both as a private and a public company, Sunrise has pioneered new senior living options that have improved the quality of life of thousands of seniors and their families," said Paul Klaasen, founder, chairman and CEO of Sunrise, in a statement. "As the committee of non-management directors explores strategic alternatives, the Sunrise team remains committed to serving our residents and their families, while simultaneously working to enhance shareholder value."
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