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.