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Manor Care gets Penn approval for sale to Carlyle
NEW YORK (Reuters) - Manor Care Inc HCR.N has received approval from the Pennsylvania Department of Health for its proposed $6.3 billion sale to private equity firm Carlyle Group CYL.UL, Manor Care said in a statement on Monday.
Earlier on Monday, Manor Care filed a motion with the West Virginia Health Care Authority to allow the sale to Carlyle. The deal had been lacking approval from just two states -- Pennsylvania and West Virginia, according to a company spokesman.
On Friday the West Virginia authority refused Manor Care's request for immediate approval of the buyout after a daylong hearing held to reconsider its initial consent.
The Manor Care motion requests that the Authority issue an immediate decision in the matter.
"We have been and continue to be committed to providing the highest quality of care to our patients in West Virginia -- and across the country -- and we are confident this transaction will only strengthen our efforts in that area," said Manor Care Chief Operating Officer Stephen Guillard in the statement. "Quick approval from West Virginia is essential."
Manor Care, the largest U.S. owner of nursing homes, agreed in July to be acquired by Carlyle for $67 per share.
Shares of Manor Care closed up 67 cents, or 1 percent, at $63.80 on the New York Stock Exchange.
(Reporting by Jonathan Keehner; Editing by Carol Bishopric, Richard Chang)
