Ventas sweetens Sunrise REIT offer by 10%
Ventas Inc. and Sunrise Real Estate Investment Trust have agreed to amend the purchase price of Sunrise REIT to $2.28 billion Canadian or $1.97 billion in U.S. dollars. That means Ventas will pay 10% more for Sunrise REIT.The disclosure came yesterday, just before Sunrise REIT shareholders were about to vote on a previous offer. A vote on the new offer has been scheduled for next Thursday, April 19. The purchase price per share is now $16.50 per unit in Canadian dollars.
Louisville-based Ventas called this its "best and final" offer. If the purchase agreement is terminated for any reason other than a breach by Ventas, Sunrise REIT has agreed to reimburse Ventas up to $10 million for efforts related to the deal offer.
The proposed deal will increase the Ventas portfolio by 77 assisted living communities, which are scattered across the U.S. and Canada.