(To read more on the multifamily market, click here.)
TORONTO-Health Care Property Investors has withdrawn its latebid to acquire Sunrise Senior Living REIT. The move comes one dayafter the Ontario Superior Court ruled in favor of Ventas Inc.,which has a signed acquisition agreement with Sunrise.
Louisville, KY-based Ventas signed its C$15-per-share purchaseagreement with Sunrise in January following an auction processconducted by independent trustees of Sunrise REIT. Long Beach,CA-based HCPI was involved in the auction but dropped out at thelast minute, declining to submit a final binding proposal. TheSunrise board approved the Ventas transaction in January. When HCPIthen submitted a C$18 bid in mid-February, outside of the formalprocess, Ventasfiled suit.
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