Quality Care Properties Announces Another Potential Bidder

   By Aisha Al-Muslim 
 

Quality Care Properties Inc. (QCP) has received another acquisition proposal from a potential bidder that could be a "superior offer" compared to rival real estate investment trust Welltower Inc.'s (WELL) previous proposition.

The news comes after the 45-day "go-shop" period set in QCP's merger agreement with Welltower expired June 9, QCP announced Tuesday. QCP received the new acquisition proposal after 34 potential parties were contacted during the "go-shop" period to determine if they may be interested in making a proposal to acquire QCP.

QCP's Board of Directors has determined the proposal from the potential bidder could reasonably be expected to lead to a "superior offer," the company said. However, the board has not yet determined that it is superior.

Under the agreement with Welltower, QCP is permitted to engage in further discussions and negotiations with the potential bidder, but is restricted from soliciting alternative acquisition proposals.

The QCP board hasn't changed its recommendation and continues to recommend that QCP's stockholders vote to approve the merger with Welltower.

In April, Welltower agreed to buy QCP. Under the deal, QCP's shareholders will receive $20.75 in cash for each share of common stock, the companies had said. Welltower, based in Toledo, Ohio, also plans to assume all outstanding QCP debt.

QCP is an actively managed real-estate company focused on post-acute and skilled nursing and memory care and assisted living properties.

Write to Aisha Al-Muslim at [e-mail]

(END) Dow Jones Newswires

June 12, 2018 07:07 ET (11:07 GMT)

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