Quality Care Properties
Less than two weeks before a special meeting at which shareholders will vote on whether to merge with fellow real estate investment trust Welltower, Quality Care Properties announced that it had reached an agreement to resolve two related class action lawsuits.
A potential rival to real estate investment trust Welltower's plans to merge with Quality Care Properties has withdrawn its acquisition proposal and no longer is considering a transaction with the company. QCP made the disclosure Monday in a filing with the SEC in which it also revealed two class action lawsuits related to the proposed Welltower merger.
Quality Care Properties has announced a July 25 date for a special meeting where stockholders are expected to vote on a proposed merger with Welltower and multimillion dollar "golden parachute" payments for some executives.
Quality Care Properties said Tuesday that its board continues to recommend that stockholders approve the merger agreement with real estate investment trust Welltower that was announced in April, although it also announced that it is investigating an acquisition proposal from a third party that "could reasonably be expected to lead to a 'superior offer' as defined in the merger agreement."
Quality Care Properties said Tuesday that it is investigating an 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.
Welltower CEO Tom DeRosa on Wednesday defended the decision to keep HCR ManorCare's leadership team in place as the real estate investment trust gains a stake in the operator through a deal with the ProMedica health system. His remarks came after an attendee at an investor conference called the company a "steaming pile of real estate."
Appointments and promotions at Buckner Retirement Services, Covia, Creating Results, Elder Care Alliance, Five Star Senior Living, Friendship Village, Integrace, Integral Senior Living, National Lutheran Communities & Services, Presby's Inspired Life, Presbyterian Senior Living, Primrose Retirement Communities, Quality Care Properties and Wingate Healthcare.
Welltower and ProMedica Health System have formed a joint venture to facilitate the acquisition of HCR ManorCare and Arden Courts real estate assets from their landlord, Quality Care Properties, the real estate investment trust and regional not-for-profit healthcare system announced as Wednesday turned into Thursday.
The prepackaged, $7.1 billion Chapter 11 bankruptcy plan filed in early March by HCR ManorCare, was approved Friday in U.S. Bankruptcy Court in Wilmington, DE.
Guy Sansone is expected to be the new CEO of HCR ManorCare once the dust settles from a Chapter 11 bankruptcy filing that happened Sunday. Quality Care Properties outlined plans Friday as the REIT announced an agreement that would give it ownership of the operator.
Quality Care Properties is considering additional legal action against one of the nation's largest assisted living and skilled care operators. The threat comes as unpaid rent payments continue to mount.
Quality Care Properties has reduced HCR ManorCare's monthly rent, although ManorCare still expects that it will not be able to pay the full amount, QCP announced in a filing with the Securities and Exchange Commission.
HCR ManorCare now has until Jan. 15 to respond to Quality Care Properties' receivership complaint, QCP announced Monday.
On the same day that HCR ManorCare announced that its president and CEO is stepping down, Quality Care Properties said that it is giving ManorCare more time to respond to its request that an independent receiver be appointed to oversee the company's facilities.
HCR ManorCare said it intends to "vigorously" contest the request that Quality Care Properties made to a California state court that an independent receiver be appointed to oversee ManorCare's assisted living and skilled nursing facilities.
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HCP expects the spin-off of its HCR ManorCare portfolio into Quality Care Properties, an independent, publicly traded real estate investment trust, to be finalized Oct. 31.