Health Care REIT (HCN) Buys Sunrise Senior Living (SRZ) for $14.50/Share

August 22, 2012 7:33 AM EDT
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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