Here we go again. Just after Barry Portnoy received Five Star Quality Care Board approval to make a tender offer for up to 10 million shares of Five Star’s common stock at $3.00 per share, Senior Star Management has announced its intention to purchase up to 10 million shares in a tender offer, but for $3.45 per share. They already control 3.36 million shares, or 6.8% of the shares outstanding, so they would like the Board to waive the same ownership restrictions for Five Star that Mr. Portnoy received. Seems fair in love and war. The stock jumped by more than 10%, but it is still shy of the $3.00 mark. This may get very interesting.
The Battle for Five Star Continues
