UPDATE 1-Brigade Capital hedge fund criticizes Humana-Kindred deal [Reuters (UK)]
KINDRED HEALTH CARE (KND)
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Source: Reuters
Brigade Capital hedge fund criticizes Humana-Kindred deal | Reuters 2 Min Read NEW YORK (Reuters) - Hedge fund Brigade Capital Management, a top shareholder in Kindred Healthcare Inc ( KND.N ), said on Wednesday the deal by U.S. health insurer Humana Inc ( HUM.N ) and two private equity firms to buy Kindred was “disappointing and grossly inadequate.” Humana, TPG Capital and Welsh, Carson, Anderson & Stowe agreed to buy home healthcare and long-term care operator Kindred on Dec. 19 for about $810 million in cash, or $9 per share. With debt and other costs, they said they were paying about $4 billion for the company. In a filing with the U.S. Securities and Exchange Commission on Wednesday, Brigade said it had sent a letter to Kindred’s board making the case that the price tag was too low and that it planned to vote against the deal. Brigade said it had built a 5.8 percent stake in Kindred. That would make it the fifth largest shareholder in the company, according to Thomson Reuters
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