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

Nursing home did not warn worker who was taken hostage in active ...

A nurse at a Life Care Centers of America facility in Colorado was not notified that she would be threatened and taken hostage by a gunman as part of an active shooter drill, according to a lawsuit filed Tuesday.

Revisions to False Claims Act urged by former deputy AG

A panel of witnesses debated the merits of the False Claims Act before a Judiciary subcommittee meeting Wednesday, with one former attorney general arguing current policy provokes unfair litigation and "coercive" settlements.

Medicare SNF rate finalized, reimbursements to increase by $750 million next year

Medicare SNF rate finalized, reimbursements to increase by ...

Medicare skilled nursing facility reimbursements will increase by $750 million next year under a final payment rule announced Thursday by the Centers for Medicare & Medicaid Services.