FTC approves Manor Care purchase
The U.S. Federal Trade Commission gave the go-ahead for private equity firm Carlyle Group to purchase nursing home group Manor Care Inc. for $4.9 billion. Antitrust authorities said in an FTC notice that after a review of the deal it had decided not to stop it.As part of the deal, which is expected to close in the fourth quarter of this year, shareholders of Toledo, OH-based Manor Care will receive $67 a share. That represents a 20% premium over the $55.75 closing price on April 10, the day before the company said it was mulling a sale.
The company announced in early July that Carlyle Group would buy it for $6.3 billion, including $1.4 billion worth of debt. Manor Care owns about 500 U.S. nursing homes and senior living centers.