One of the nation's largest nursing-home chains has agreed to a $6.3 billion buyout that will take ManorCare Inc. private, the company said Monday.
ManorCare shareholders will receive $67 in cash for each share through the deal reached with the private equity firm Carlyle Group. Shares of ManorCare closed at $65.29 on Friday.
The price also is a 20% above ManorCare's closing stock price of $55.75 on April 10, the day before the company said it was evaluating strategic alternatives.
The cash deal is expected to be completed in the fourth quarter.
Toledo-based ManorCare operates about 500 nursing and rehabilitation centers along with assisted living centers and health care businesses.
It operates primarily under the Heartland, ManorCare Health Services and Arden Courts names. -- by the Associated Press