Shareholders OK Welltower, ProMedica acquisition of HCR ManorCare
The decision was announced following a special shareholders meeting held at
"We thank our stockholders for their support and look forward to completing the merger,"
Under terms of the deal first announced in April,
WATCH:
The planned acquisition was to result in
However, the purchase of ManorCare was expected to add significantly to
On Tuesday in anticipation of shareholders giving their approval, bond rating agency
While Moody's acknowledges the deal will double
But
Prior to announcing the deal on
"They won't like this,"
In its report, Moody's said it believes
Quality Care surprised investors in June by announcing that an unidentified bidder had submitted a new proposal that may have been more lucrative than the
But early this month it was announced that the bidder, who was never identified, had abandoned its plan to acquire QCP and take control of ManorCare -- the nation's second largest nursing-home chain -- which declared bankruptcy on
Judge
Officials involved in the transaction had said that if Quality Care's shareholders approved the deal, the sale could be expected to close when ManorCare exits bankruptcy. It is unknown when that might occur.
The 1,700 area employees include about 700 at its
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