Manor Care stockholders will receive $67 in cash for each share of common stock owned, through transfer and paying agent National City Bank. The local company's stock has ceased trading on the New York Stock Exchange. The current management team, led by president and CEO Paul Ormand, will continue to operate the business.
The company's stockholders approved the merger agreement at a meeting Oct. 17, with more than 99% of shares present voting or approval. However, the sale had to pass many regulatory and government approvals. Also, the Service Employees International Union, which had been trying to organize Manor Care's 60,000 workers, vigorously opposed the merger.
On Dec. 21, the 30th Judicial Circuit Court in Ingham County, MI released an enjoinment, requested by the SEIU, to halt the merger. The day before, the West Virginia Health Care Authority lifted its stay on a certificate of need that would allow the transaction. Stephen Guillard, EVP and COO of Manor Care, said in a statement that all requirements for the merger had been met in the 32 states where it operates. "As a private company, we will continue to provide the quality care that our patients and residents expect from us." The company had operated under brands such as Heartland, ManorCare Health Services and Arden Courts.
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