An HCR MancorCare facility. Photo by HCR ManorCareBETHESDA, MD–Quality Care Properties stockholders approved the $1.95 billion acquisition of the company by Welltower at a special meeting of stockholders held this morning. When the deal closes, Quality Care stockholders will receive $20.75 in cash for each share of Quality Care common stock.
Last month Quality Care announced it had received a counter proposal during the go-shop period that the board determined could lead to a superior offer. However as the board made clear at the time it hadn't determined whether that proposal was in fact a superior offer and it did not changed its recommendation that Quality Care stockholders vote to approve the merger with Welltower.
The Welltower proposal is a complicated one, having to take into account Quality Care's troubled skilled nursing tenant HCR ManorCare which is currently in Chapter 11 bankruptcy.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
