TOLEDO, Ohio (AP) — Health Care REIT Inc., a real estate investment trust, plans to buy Sunrise Senior Living Inc. (NYSE:SRZ) in an all-cash deal valued at about $1 billion.
The Toledo, Ohio-based company said Wednesday it will pay $14.50 for each share of Sunrise, which is based in McLean, Va. The price represents a premium of more than 62 percent to Sunrise’s closing stock price of $8.93 on Aug. 21.
Sunrise shares climbed $5.28, or more than 59 percent, in morning trading to $14.22. The stock had previously traded in a range of $3.68 to $9 in the past 52 weeks.
Sunrise owns 20 senior housing communities in the United States and Canada, and it has an interest in joint ventures that own 105 communities, including 27 in the United Kingdom. The company employs about 31,600 people.