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Observers: Competition for Sunrise will be fierce

Contemporary Long-Term Care Weekly, August 2, 2007

Industry analysts said this week the pool of potential buyers for Sunrise Senior Living will be large and competitive, according to the Washington Post. The McLean, VA-based company, which is the largest provider of long-term care facilities in the United States, announced last week it was to explore strategic alternatives, industry speak that usually suggests a company is putting itself on the market.

Sunrise confirmed to the Post it will indeed entertain offers, though some analysts suggested investors might be hesitant to overbid because of Sunrise's recent accounting problems. Before any sale is completed, Sunrise must file updated financial statements. The company is currently under investigation by the the U.S. Securities and Exchange Commission for alleged inaccurate earnings reports (by as much as $125 million over), other accounting problems, and possible insider trading by top executives.

Sunrise also announced this week that it will release select preliminary financial and operating data for Q2 on August 10. Because of the impending sale, Sunrise will not be hosting a conference call for Q2 results, according to a press release.

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