M&A
confidence high
sentiment neutral
materiality 0.75
DHC consents to AlerisLife acquisition by ABP, agrees to tender 31.9% stake at $1.31/share
DIVERSIFIED HEALTHCARE TRUST
- DHC owns 10,691,658 AlerisLife shares (31.9% of outstanding) and agrees to tender them into the $1.31/share tender offer.
- DHC waives defaults under management and guaranty agreements arising from the proposed acquisition.
- DHC gets a right to buy up to 31.9% of the surviving entity's shares at the same $1.31 price, exercisable once before Dec 31, 2023.
- DHC consents to AlerisLife granting ownership limit exceptions to the acquiring parties.
- The management and guaranty agreements will be amended to remove change-of-control default provisions upon closing.