Manor Care shareholders vote for $6.3 billion takeover
Shareholders of Manor Care Inc. Wednesday approved the $6.3 billion takeover of the nursing home chain by The Carlyle Group.The transaction has drawn outcries from the Service Employees International Union, which staged a demonstration at Manor Care's headquarters in Toledo, OH, on Wednesday. Following the vote, a group of Manor Care workers and their supporters was planning to go travel by caravan to Carlyle's headquarters in Washington, D.C. to lobby Congress. The SEIU believes that the company will cut costs for to boost profits.
Upon completion of the deal, Manor Care stockholders will receive $67 in chase per share of common stock. The transaction is expected to close in the fourth quarter.