Manor Care on the Block

Shares surge to a new high.
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Manor Care(HCR) - Get Report surged 10% to a 52-week high Wednesday after the company put itself up for sale.

The Toledo, Ohio, nursing and rehabilitation center operator hired JPMorgan to review strategic financial and related business alternatives to enhance shareholder value.

"HCR Manor Care continues to enjoy a very strong financial position with industry-leading health care operations," said CEO Paul Ormond. "Consequently, we are well-positioned to consider taking advantage of currently attractive conditions in the financial markets. We are actively evaluating a full range of opportunities for further strengthening our strategic position and maximizing value for our shareholders."

Shares rose $5.90 to $61.65, well above their earlier 52-week high of $56.03.