Sunrise Senior Living (SRZ) said Friday that the Board of directors of a subsidiary has declared a conditional special dividend of $2.10 per Sunrise common share to shareholders as on January 8, 2013.
Sunrise said the special dividend is in connection with the proposed merger with Health Care REIT Inc. (HCN) and the related proposed sale of its management business to affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR), affiliates of Beecken Petty O'Keefe & Co., Coastwood Senior Housing Partners LLC and Health Care REIT.
The special cash dividend does not change the overall amount of consideration of $14.50 in cash per share being provided to Sunrise stockholders in connection with the transactions. Sunrise stockholders will receive $12.40 in cash per share as merger consideration and $2.10 in cash per share as a special dividend, for a total of $14.50 in cash per share.
The dividend will be paid concurrently with the payment of the merger consideration and will be conditioned upon the consummation of the sale of Sunrise's management business, as well as the consummation of the merger with Health Care REIT.
If the Sunrise stockholders approve the merger, Sunrise currently expects that the merger will close prior to market open on January 9, 2013.
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