Ventas tags up; Manor Care on the block?
Contemporary Long-Term Care Weekly, April 19, 2007
Louisville, KY-based Ventas announced last week it raised its purchase price for Sunrise Senior Living Real Estate Investment Trust to $1.97 billion. The original deal between Ventas and Sunrise, brokered in January, was at $1.8 billion with debt assumption, according to the Louisville Courier-Journal. Sunrise shareholders are expected to vote today on the new agreement. Both Sunrise and Ventas announced that if the deal goes through, they will settle a lawsuit Ventas brought against the company for entertaining a rival buyer's offer, the Courier-Journal reported.
Elsewhere, Toledo, OH-based Manor Care Inc. announced last week it had hired a financial adviser to help "enhance its shareholder value," according to the Toledo Blade. Investment experts around the country told the Blade that a statement like that probably means the company, which operates 551 SNFs and rehabilitation centers in the United States, is headed for the auction block.
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