Wachtell Reps Ventas In $17B Health Real Estate Deal
Law360 (February 28, 2011, 11:58 AM EST) -- Chicago-based health care real estate investment trust Ventas Inc. said Monday it was buying California-based Nationwide Health Properties Inc. in a deal that would create the largest trust in the sector, with a $17 billion market capitalization.
Shareholders of the target company are to receive .7866 Ventas shares for each NHP share they own, Ventas said Monday, in a transaction that would leave Ventas shareholders with 65 percent control over a combined entity that would keep the Ventas name.
The deal values NHP stock at $44.99 per share, a 15 percent premium over the Newport Beach, Calif.-based real estate investment trust's...
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