Shareholders Suing Advocat for Rejecting Covington’s Takeover Proposal

Three times, Covington Investments, LLC proposed to buy out Advocat, Inc. (NASDAQ:AVCA), and three times the skilled nursing operator said ‘no.’ But now some angry Advocat shareholders are suing the company for rejecting Covington’s takeover bids. In letters sent on Feb. 27, March 22, and April 12, 2012, Covington made proposals to acquire Advocat, eventually […]

UPDATED: Advocat Not Saying “I Do” to Covington’s $51 Million Acquisition Proposal

Third time wasn’t a charm for Covington Investments, LLC, who has sent three rejected proposals to acquire Brentwood, Tenn.-based skilled nursing operator Advocat Inc. (NASDAQ:AVCA)—the latest for $8.50 a share (approximately $51 million). “In letters on February 27, March 22, and April 12, 2012, we made what we believe to be very compelling proposals to […]