Ventas: agreement with Sunrise Senior Living remains binding despite new proposal from competitor

By Lisa Kerner

Charlotte, N.C., Feb. 20 - Ventas, Inc. said Health Care Property Investors, Inc. amended its proposal to buy Sunrise Senior Living REIT.

Sunrise had signed a purchase agreement with Ventas, according to a company news release, following a "thorough process in which both Ventas and Health Care Property among other parties, participated."

As a result, Sunrise is seeking a legal interpretation in the Ontario Superior Court of Justice as to whether Health Care Property is prohibited from negotiating with Sunrise Senior Living Inc. under the terms of Sunrise agreements with various parties, including Ventas.

Ventas also said its transaction with Sunrise is fully financed and offers Sunrise unit holders a 45% premium over the volume-weighted average trading price of their units on the Toronto Stock Exchange during the 20 trading days before the announced transaction.

Regardless of the legal interpretation, Ventas said it will continue to have binding agreements with Sunrise and Sunrise Senior Living Inc.

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

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