A leading independent voting advisory service has “strongly” recommended that Sunrise Senior Living Real Estate Investment Trust shareholders accept an amended purchase offer from Ventas Inc., the companies announced.
Ventas was compelled to increase its purchase offer by about 10%, to about $14.50 per share, even though it had apparently secured a winning bid of $13.20 in January. Institutional Shareholder Services of Canada had supported the initial deal. However, the firm changed its recommendation when another suitor made a counter offer for Toronto-based Sunrise REIT.
It now appears that Ventas will be a successful bidder, but at a higher price than was originally envisioned. Sunrise REIT consists of 77 senior living communities, 66 in the United States and 11 in Canada.