A large shareholder of Kindred Healthcare (NYSE: KND) announced its opposition to the company’s recently announced acquisition deal with Humana (NYSE: HUM).

Brigade Capital , a New York-based private equity firm with a 5.8% stake in Kindred, opposed the deal on December 27, stating the $9 share price for Kindred is “inadequate.” Humana, along with private equity groups TPG Capital; Welsh, Carson, Anderson & Stowe (WCAS); announced its planned acquisition of Kindred, the nation’s largest home health care provider, in December.

On Dec. 27, Brigade Capital delivered a letter to Kindred’s board of directors “noting the material inadequacy of the terms of the proposed transaction,” according to a public filing. The deal is worth an estimated $4.1 billion.

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Kindred is working on an open letter in response, a spokesperson told Home Health Care News on January 1.

Kindred’s share price has dropped significantly over the last year amid operational struggles with its skilled nursing business. The company has since worked to divest its skilled business, focusing on home health, home care, hospice, and acute care service lines.

Kindred’s share price was trading above $9.50 as of Dec. 29.

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