Ventas seeks legal enforcement of Health Care Property's standstill agreement with Sunrise

By Lisa Kerner

Charlotte, N.C., Feb. 22 - Ventas, Inc. filed an application in the Ontario Superior Court of Justice demanding that Sunrise Senior Living REIT comply with its covenants in its purchase agreement with Ventas and enforce Sunrise's rights under its confidentiality and standstill agreement with Health Care Property Investors, Inc.

The Health Care Property confidentiality and standstill agreement prohibits it from making any proposal to acquire any assets of Sunrise through May 2008, according to a company news release.

Sunrise announced that Health Care Property submitted another proposal conditioned on Sunrise Senior Living Inc. entering into an agreement similar to the binding agreement Ventas negotiated with Sunrise Senior Living Inc.

However, Sunrise confirmed that it is not in a position to conside, or make any determination as to whether the Health Care Property proposal is a superior proposal.

Sunrise had signed a purchase agreement with Ventas after a process in which both Ventas and Health Care Property were involved.

Ventas said its transaction with Sunrise is fully financed and offers Sunrise unit holders a 45% premium.

Ventas is a health care REIT located in Louisville, Ky.

Toronto-based Sunrise was formed to indirectly acquire and own senior living communities

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