Quality Care Properties (QCP) is investigating another acquisition proposal that “could reasonably be expected to lead to a ‘superior offer’ to the one announced in April with real estate investment trust Welltower.
QCP did not name the potential new bidder.
Also, QCP announced that the 45-day “go-shop” period set forth in its merger agreement with Welltower expired on June 9, 2018. During the go-shop period, representatives of Goldman Sachs & Co., financial adviser to QCP, contacted 34 potential parties on behalf of the company to determine whether they have an interest in making a proposal to acquire the company. These parties included a diverse selection of REITs, healthcare providers, operators and other strategic parties, financial sponsors and nonprofit health organizations. QCP entered into confidentiality agreements pursuant to which it provided confidential information to five of the parties contacted.
However, the QCP board has not changed its recommendation and continues to recommend that QCP’s stockholders vote to approve the merger with Welltower.
