Thu, 10/01/2013 - 10:27
Sunrise Senior Living has been acquired by Health Care Reit.
Sunrise has also closed the previously announced sale of its management business to an entity formed by affiliates of Kohlberg Kravis Roberts, affiliates of Beecken Petty O'Keefe and Health Care Reit.
As of the close of market on 8 January, Sunrise common stock has ceased to trade on the New York Stock Exchange.
As a result of these transactions, Sunrise stockholders will receive a total of USD14.50 in cash per share, comprised of USD12.40 in cash per share as merger consideration and USD2.10 in cash per share as a special dividend.
Mark S Ordan, chief executive officer of Sunrise, says: "We are most pleased with this outcome, which benefits all of our stakeholders, including a very positive return for our shareholders. We are also very happy that our residents and team members are in such strong hands as we continue to fulfil Sunrise's mission."
Goldman Sachs and Keybanc Capital Markets served as financial advisers, and Wachtell, Lipton, Rosen & Katz as legal adviser to Sunrise.
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