Manor Care, Toledo, Ohio, completed its $6.3 billion leveraged buyout by the Carlyle Group today after a Michigan state court judge dissolved a temporary restraining order issued late Thursday by another judge in Ingham County (Mich.) Circuit Court, Manor Care said.Read our initial report.
The temporary restraining order had been sought by the Service Employees International Unions Healthcare Michigan unit, which opposed the buyout. In response to the court ruling this morning, the union said in a statement, in part, "This is yet another example that this company is willing to do whatever to move this deal out of the watchful eyes of the public."
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 needed to be completed, Manor Care said. -- by Vince Galloro