Manor Care, Toledo, Ohio, received the final state regulatory approval it needed to close its $6.3 billion leveraged buyout by the Carlyle Group, but then a temporary restraining order issued late Thursday by an Ingham County (Mich.) Circuit Court judge halted the deal, the company said in separate news releases.
The ruling enjoins Manor Care, the Carlyle Group and the Michigan Department of Community Health from taking certain actions that would allow the buyout to be completed. The restraining order was sought by the Service Employees International Unions Healthcare Michigan unit. The restraining order will be considered at a hearing scheduled for this morning in Michigan state court at Manor Cares request, the company said.
On Thursday, the West Virginia Health Care Authority lifted its stay on approval of the deal, marking the 32nd and final state regulatory approval that the deal needs to be completed, Manor Care said. -- by Vince Galloro
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