July 02, 2007
By Adam Perrotta, News Writer
Global equity giant The Carlyle Group plans to take healthcare services care provider Manor Care Inc. private in a deal valued at some $6.3 billion, or $67.00 per share of Manor Care common stock.
The price represents a 20 percent premium over Manor Care's closing stock price of $55.75 on April 10, the day before the firm announced that it would evaluate the possibility of going private.
It seems as though that possibility will soon become reality, as Manor Care's board of directors today threw its recommendation behind the Carlyle offer.
"The board of directors and our financial advisors thoroughly evaluated a wide range of strategic alternatives to maximize shareholder value, said Manor Care CEO, chairman & president Paul Ormond. "Partnering with top tier firm Carlyle and providing our shareholders with this attractive valuation is the best of those alternatives."
Carlyle, for its part, will be gaining control of a major player in the booming healthcare services and living industry. Toledo, Ohio-based Manor Care operates a network of more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home care agencies. The company operates under the Heartland, ManorCare Health Services and Arden Courts names.
Shares of Manor Care were down $1.19 to $64.10 on the New York Stock Exchange as of late this afternoon.
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