Kindred Overcomes Shareholder Suit, Merger Vote Moves Forward
Posted on Thursday, March 29, 2018 8:14 PM
A scheduled shareholder vote to sell Kindred Healthcare, to insurance giant Humana, will move forward after a judge dismissed a lawsuit by a major shareholder.
Brigade Capital Management, a New York-based private equity firm with a 5.8% stake, sued the health care provider in an attempt to delay or block the vote to sell the company for approximately $9 per share. The stakeholder argued the price is inadequate and that Kindred management was acting out of self-interest.
Kindred has been working through that acquisition deal, worth about $4.1 billion, since announcing it in late December. The deal would split up Kindred’s home health care business from its hospital and rehabilitation business%.
The shareholder vote is set for Friday, March 29.
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