It all started on Jan. 15 when Ventas Inc. (NYSE: VTR) announced its intention to acquire (Sunrise Senior Living Real Estate Investment Trust) for $15 Cdn per share ($12 U.S.), which was temporarily thwarted by a Valentine's Day offer from Health Care Property Investors, Inc. (NYSE: HCP) to acquire Sunrise for $18 Cdn per share ($15 U.S.). On March 6, an Ontario-based court ruled that Canadian REIT Sunrise Senior Living Real Estate Investment Trust must enforce its standstill purchase agreement with Ventas, Inc.
Health Care Property Investors withdrew its bid March 7. By March 8, a new wrinkle had developed—Sunrise filed a notice of appeal with Ontario's Superior Court, hoping to overturn the March 6 decision. On March 14, HCP also announced its intention to appeal the Ontario court's decision. The Ontario Court of Appeal decided to dismiss the appeals of Sunrise and HCP and supporting the Ventas merger.
On April 19, after a recommendation from the Institutional Shareholder Services of Canada, Sunrise's unitholders voted for Ventas's amended offer of $16.50 Cdn ($14.50 U.S.).
The transaction includes 74 assisted living communities located in the United States or Canada, and is expected to close in the second quarter of 2007.
