Ontario appeals court rules for Ventas in Sunrise REIT acquisition fight

Share this article:

Ventas Inc. has won another round in its attempt to acquire Sunrise Real Estate Investment Trust.

The Ontario Court of Appeal on Friday dismissed the appeals of Sunrise REIT and Health Care Property Investors Inc., which had also bid for Sunrise REIT. The court upheld that Sunrise REIT is obligated to comply with its purchase agreement with Ventas. It also determined that a standstill agreement between HCP and Sunrise REIT is in effect, barring HCP from making proposals for Sunrise REIT.

HCP of Long Beach, CA, in February offered to buy Sunrise REIT for $18 (Canadian) a share. Earlier, Ventas disclosed an agreement to buy Sunrise REIT for $15 (Canadian) a share. Following HCP's bid disclosure, Ventas filed an application in the Ontario Superior Court of Justice demanding that Sunrise REIT comply with its purchase agreement with Ventas. Sunrise REIT shareholders are expected to vote on the Ventas deal this Friday.
Share this article:

More in News

Nursing home antipsychotic use has dipped nearly 19% under national effort, latest figures show

Nursing home antipsychotic use has dipped nearly 19% ...

The percent of long-stay nursing home residents receiving antipsychotic medication has decreased 18.8% under a nationwide initiative that started in 2012.

Jimmo succeeds in getting Medicare coverage, two years after landmark case ended

Glenda Jimmo has reached a settlement with the federal government and will finally receive Medicare coverage for claims that were denied in 2007, which led her to file a class-action lawsuit over the so-called "improvement standard."

Breier named new CEO at Kindred

Breier named new CEO at Kindred

Kindred Healthcare announced Thursday that it has chosen a new top executive to lead its push toward creating a mammoth national brand. Benjamin A. Breier, the company's current president and ...