Ventas, a healthcare real estate investment company, has declared the completion of Nationwide Health Properties (NHP) acquisition under a stock-for-stock deal. Through this acquisition Ventas has become a $23 billion business and anticipates succeeding in the vibrant healthcare real estate segment.
In a meeting held at Chicago over 99.8% of the votes cast constituting nearly 87.7% of Ventas’s shares outstanding have approved the acquisition and issuance of Ventas shares to NHP shareholders. At a similar meeting convened by NHP at Newport Beach around 98.9% of the votes cast making around 84.7% of NHP’s shares outstanding chose to endorse the merger accord and Ventas’s acquisition of NHP.
Debra A. Cafaro, Chairman and Chief Executive Officer of Ventas, stated that the company possesses a diversified and a dynamic portfolio backed by growing demographic requirements and the company is distinctively placed to participate in a wide range of healthcare real estate and seniors housing opportunities. He added the acquisition of NHP will bring profits to bondholders, shareholders and clients of Ventas.
The NHP acquisition will increase the earnings of Ventas in 2011 and the company intends to submit elaborate financial projections for the present year in its second quarter reports for 2011. Consequent to the acquisition, NHP common stock shares will not be dealt on the stock exchange of New York.
Source: http://www.ventasreit.com/