Ontario court rules for Ventas in deal to buy Sunrise REIT
Ventas Inc. said that it is looking forward to closing its deal with Sunrise Senior Living Real Estate Investment Trust after an Ontario court ruled against a rival bidder.The Ontario Superior Court of Justice found that Sunrise REIT is obligated to comply with its purchase agreement with Ventas. It also confirmed that Health Care Property Investors Inc. breached its standstill agreement with Sunrise REIT. The standstill agreement prohibits it from making proposals to acquire Sunrise REIT, Ventas said.
HCP offered to buy Sunrise REIT for $18 (Canadian) a share. It came a month after Ventas confirmed an agreement to buy Sunrise REIT. HCP's bid was 20% higher than Ventas' price agreement of $15 (Canadian) a share in January.