Shares of health care provider Manor Care Inc. (NYSE: HCR) jumped on Wednesday following an announcement that it enlisted help from a Wall-Street brokerage to increase share holder value.
The firm gained $5.15, or 9.2 percent to $60.90 in afternoon trading on the New York Stock exchange after the firm said it hired J.P. Morgan to review strategic financial and business alternatives.
We are well-positioned to consider taking advantage of currently attractive conditions in the financial markets, said Manor Care's chairman and CEO, Paul Ormond. We are actively evaluating a full range of opportunities for further strengthening our strategic position and maximizing value for our shareholders.
The provider of short-term and long-term health care noted that there was no assurance that it would pursue any recommended action, and would not make any more announcements until it did approve a specific course.
Manor Care runs more than 500 skilled nursing centers and other facilities for elderly and disabled people in the United States.