Ventas sweetens Sunrise REIT offer by 10%

Share this article:

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.
Share this article:
close

Next Article in News

More in News

Hospitals in the Midwest refer patients to the broadest networks of skilled nursing facilities, study finds

Hospitals in the Midwest refer patients to the ...

Midwestern hospitals spread referrals to the greatest variety of skilled nursing facilities and tap their favorite SNFs least often, according to a recently published analysis of nationwide referral patterns.

Bill would affect pay, scheduling for some nursing home housekeeping staff

Nursing homes could face more stringent scheduling requirements for housekeeping workers and might be on the hook to compensate them for last-minute shift changes under a bill proposed in both houses of Congress.

Joint Commission adds memory care accreditation

New memory care accreditation for nursing homes encourages staff to use a flexible, problem-solving approach to care for those with dementia, according to Joint Commission guidelines.