"We are extremely pleased with the outcome of today's vote,"Ventas CEO Debra Cafaro says in a release, "We look forward toleveraging the benefits of this acquisition to continue generatingsuperior returns for our shareholders." Besides acquiring 77 seniorliving communities as part of the deal, Cafaro says the "compellingnature" of the sale gives Ventas access to an exclusive developmentpipeline, provides entry into the Canadian seniors housing market,and "should result in excellent growth going forward." Of the 77properties changing hands, 11 are in Canada and the remainder inthe US.

The anticipated closing next Thursday would end a protractedeffort by Ventas to assume control of Sunrise, a campaign thatbegan in January when the Kentucky REIT won the rights to buy itsCanadian counterpart via an auction. The initial bid was C$15 pershare, but the takeover was interrupted when rival HealthCare Property Investors Inc. Health Care Property InvestorsInc. entered a late minute proposal offering C$3 per share morethan Ventas. The attempt ended at the steps of the OntarioHall of Justice, with courts ruling and later affirmingthat Ventas should be allowed to complete the purchase. HCPI wasrebuffed from making any bids for Sunrise for at least 18 months,and Ventas filed a suit earlier this month against Sunrise. Basedin Long Beach, CA, HCPI has 337 senior living projects and hundredsof medical offices and health-care related facilities.

None of the parties involved mentioned the lawsuit after theshareholder vote, with Sunrise chairman Michael Warren calling thesale "the best outcome" for the operation. "We are glad we havebeen able to enhance value for our [shareholders] and deliver asignificant cash premium to them with the Ventas transaction," saysWarren.The takeover imbroglio led Ventas to raise its offer to$16.50per share last week, increasing the estimated value of thesale from $1.8 billion to around $2.3 billion.