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VTR Vitura

6.85
-0.95 (-12.18%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Vitura EU:VTR Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.95 -12.18% 6.85 6.85 9.30 7.70 6.85 7.70 1,445 16:40:00

HCP Ordered To Pay Ventas $101 Million; Plans Appeal

04/09/2009 8:51pm

Dow Jones News


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A jury ordered real estate investment trust HCP Inc. (HCP) to pay Ventas Inc. (VTR) about $101 million in compensatory damages in a verdict that the company interfered with Ventas' initial attempt to acquire Sunrise Senior Living REIT.

Ventas had originally sought $300 million in compensatory damages as well as punitive damages, according to HCP.

HCP plans to appeal the verdict.

In a separate statement, Ventas said it was pleased with the jury's recognition of HCP's "significantly wrongful actions."

"The damages awarded by the jury, at least in part, will help compensate Ventas for the injury caused by HCP," said Ventas Chairman, President and Chief Executive Debra Cafaro.

Ventas, a REIT that owns acute-care hospitals and personal-care facilities, in July said a U.S. District Court in Kentucky ruled that it could present its case against HPC in a trial that commenced in August. At the time, the court denied a summary judgment motion by HCP, which requested the court toss Ventas' claim.

Ventas and Sunrise agreed to an amended merger in April 2007 for $1.97 billion, which included a 10% price increase from an earlier agreement in January of that year. Ventas entered the Canadian senior housing market with the acquisition.

Ventas filed a complaint in 2007 alleging that HCP interfered with its purchase agreement by making misleading statements related to the bid.

A representative from HCP declined to provide additional comments.

HCP's shares were down 0.7% to $26.44 in recent trading, while Ventas' stock rose 0.6% to $36.82.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

 
 

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