Kindred Healthcare Inc. said a U.S. state court denied a motion to halt the $4.1 billion acquisition of the company by Humana Inc. and two private equity firms.
The motion was filed by activist investor Brigade Capital Management, which owns 5.8% of Kindred, in the Court of Chancery of the State of Delaware.
Brigade Capital opposed the deal, saying it "severely undervalues" the medical facility operator.
Kindred shareholders will vote on the transaction, which priced the company's common shares at $9 each, on March 29. The polls will close April 5.