Health Care REIT (HCN) Buys Sunrise Senior Living (SRZ) for $14.50/Share
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Price: $77.29 --0%
Overall Analyst Rating:
NEUTRAL (
Down)
Dividend Yield: 4.1%
Revenue Growth %: +45.6%
Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 4.1%
Revenue Growth %: +45.6%
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Health Care REIT, Inc. (NYSE: HCN) announced a deal to acquire Sunrise Senior Living, Inc. (NYSE: SRZ) for $14.50 per share in an all cash transaction. Shares of SRZ closed at $8.93 on Tuesday, representing a 62% premium.
The acquisition positions Health Care REIT among the largest owners of seniors housing in the world with over 58,000 units located in the U.S., Canada, and the United Kingdom.
The closing of the transaction is subject to approval by the shareholders of Sunrise. The transaction is expected to close in the first half of 2013.
BofA Merrill Lynch acted as exclusive financial advisor to Health Care REIT on the transaction. Arnold & Porter, LLP, Shumaker, Loop & Kendrick, LLP, and Sidley Austin, LLP acted as Health Care REIT’s legal advisors.
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The acquisition positions Health Care REIT among the largest owners of seniors housing in the world with over 58,000 units located in the U.S., Canada, and the United Kingdom.
The closing of the transaction is subject to approval by the shareholders of Sunrise. The transaction is expected to close in the first half of 2013.
BofA Merrill Lynch acted as exclusive financial advisor to Health Care REIT on the transaction. Arnold & Porter, LLP, Shumaker, Loop & Kendrick, LLP, and Sidley Austin, LLP acted as Health Care REIT’s legal advisors.
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Merrill Lynch, Bank of AmericaComments
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A great aquisition.
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Felix Jack Clauss on Aug 22, 2012 09:07 AMMark as Spam | Reply to this comment
Good news, Sunrise was on way down.