Sunrise REIT shareholder vote pushed back
A vote scheduled today for Sunrise Senior Living Real Estate Investment Trust shareholders has been postponed until April 11. Stockholders were scheduled to vote on whether to sell the company to Ventas Inc. for about $1.54 billion.Ventas requested a postponement so shareholders could review Sunrise's 2006 financial results before the meeting, Sunrise REIT said. These figures are due out Monday.
Last week, The Ontario Court of Appeal dismissed the appeal of Health Care Property Investors Inc., which had also bid for Sunrise REIT. The court agreed that Sunrise REIT is obligated to comply with its purchase agreement with Ventas. HCP of Long Beach, CA, in February offered to buy Sunrise REIT for about $15 a share. The bid came a month after Ventas confirmed an agreement to buy Sunrise REIT for just under $13 a share.