Largest U.S. chain pushes to finalize its sale
Manor Care Inc. is prodding West Virginia to approve the sale of the nation's largest nursing home chain to The Carlyle Group. State officials there remain the last stumbling block for completion of the $6.3 billion deal.On Monday, the Toledo, OH-based company filed a motion with the West Virginia Health Care Authority to dissolve its stay and approve a certificate of need application regarding the sale. The authority requested the stay on Nov. 16 after approving the application a month earlier. Following a daylong hearing to reconsider its initial consent Friday, the authority refused Manor Care's request for immediate approval of the buyout.
Manor Care missed two anticipated deadlines for completion of the deal. Prompted by an article in The New York Times that painted a negative picture of private equity ownership, numerous states held hearings to reassess the deal. The transaction delay results in a loss of about $1 million a day for Manor Care shareholders nationwide, the company said in a statement.