HEALTH-CARE GIANT: Stockholder May Acquire APRIA Healthcare Group
George Argyros, "one of Orange County's largest apartment owners and a major figure in Republican politics," is considering buying Apria Healthcare Group Inc., "the troubled home health-care giant." The Sacramento Bee reports that Argyros, who is Apria's "largest individual shareholder with a 5.4% stake," is "considering acquiring all of Apria's stock that he doesn't already own" and spending over $400 million to do it. Argyros joined the company's board a year ago after Apria's shares "slumped" and he suffered a $73.5 million "paper loss." In January, Argyros became the board chairman. Apria currently has revenues of over $1 billion and 8,000 employees nationwide. In response to Argyros's possible bid, a company spokesperson said, "The board would give the (Argyros) offer and any other offers it receives full consideration and will strive to make a decision that is in the best interests of Apria shareholders." Last month, a New York investment firm "backed out of a deal to invest $172 million in Apria" (4/29).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.