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An HCR MancorCare facility. Photo by HCR ManorCare

BETHESDA, MD–Quality Care Properties has received an acquisition proposal to counter health care REIT Welltower’s $1.95 billion offer made earlier this year. Quality Care’s Board has determined that this offer could “reasonably be expected to lead to a ‘superior offer’ as defined in the merger agreement,” the company said in a statement. The “go-shop” period in the Welltower merger agreement expired on June 9, 2018.

In April Welltower entered into a definite agreement to acquire Quality Care Properties in an all-cash transaction for $20.75 per share, or approximately $1.95 billion. As part of the deal Quality Care also negotiated a separate agreement with ProMedica Health System in which ProMedica would acquire Quality Care’s troubled skilled nursing tenant HCR ManorCare when it completes its Chapter 11 bankruptcy as well as Quality Care’s other major tenant, Arden Courts, the nation’s second largest provider of post-acute services and long-term care.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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