Kindred Healthcare Inc. said that proxy advisory company Egan-Jones Ratings Co. advised its shareholders to vote in favor of a $4.1 billion all-cash merger deal.
This follows an earlier recommendation from another proxy adviser, Institutional Shareholder Services Inc.
Under the merger deal, health insurance provider Humana Inc., alongside private equity firms TPG Capital Management LP and Welsh Carson Anderson & Stowe, will acquire the medical-facility operator at $9 per share.
Kindred shareholders will vote on the proposed transaction at a special meeting scheduled March 29. Brigade Capital Management, which owns 5.8% of the company, said it will vote against the merger, as it "severely undervalues" Kindred.
If approved, Kindred expects to close the transaction in the summer of 2018.
Both Kindred and Humana are based in Kentucky.