Ventas buying ARC Capital Healthcare in $2.6B deal

Print
Email
|

Associated Press

Posted on June 2, 2014 at 8:00 AM

Updated Monday, Jun 2 at 8:02 AM

NEW YORK (AP) — Ventas is purchasing American Realty Capital Healthcare Trust Inc. in a cash-and-stock deal valued at about $2.6 billion.

The companies each own medical care offices as well as other real estate properties.

Ventas Inc. will pay $11.33 per ARC Healthcare share, a 14 percent premium to its Friday closing price of $9.95.

ARC Healthcare's stock surged more than 15 percent in Monday premarket trading.

ARC Healthcare shareholders can choose to receive 0.1688 Ventas common shares or $11.33 in cash for each common share of ARC Healthcare they own. The cash portion of the deal is subject to a cap of 10 percent of ARC Healthcare's outstanding shares.

Both companies unanimously approved the transaction, which is targeted to close in the fourth quarter.

Print
Email
|