Towerbrook eyes Southern
Private equity firm Towerbrook Capital said yesterday it had made an indicative offer to buy care-homes operator Southern Cross Health Care Group, sending shares in the company up as much as 64 per cent.
Towerbrook said it was considering whether to make an offer for the company. Southern Cross, which has been hit hard by cuts to public spending, said it was working with advisers on its future strategy.
"Accordingly, the board of Southern Cross has informed Towerbrook that it does not wish to enter into discussions at this time," it said in a statement.
Southern Cross has been aff-ected by local authorities reducing admissions to care homes.