---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-265833"
form_type: "8-K"
ticker: null
cik: "0001496454"
company_name: "CNL Healthcare Properties, Inc."
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:15:32.006021+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# CNL Healthcare Properties agrees to be acquired by Sonida Senior Living in cash-and-stock deal

## Summary
- Per share consideration: $2.32 cash plus stock valued by Exchange Ratio based on $4.58; collar sets max 0.2015, min 0.1318 shares.
- Termination fee of $30 million payable by either party under certain circumstances; closing expected in Q2 2026.
- Board and special committee unanimously approved; requires majority votes from both CNL and Sonida stockholders.
- Conversant Capital LLC, holder of majority of Sonida shares, agreed to vote in favor and to acquire $110M of Sonida stock at closing.
- Bylaw amendment adopted specifying Maryland courts as exclusive forum for internal corporate claims.

## SEC filing metadata
- accession: 0001193125-25-265833
- form_type: 8-K
- cik: 0001496454
- company_name: CNL Healthcare Properties, Inc.
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1496454/000119312525265833/0001193125-25-265833-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1496454/000119312525265833/d54580d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-265833
- JSON: https://secwatch.observer/filing/0001193125-25-265833.json
- Plain text: https://secwatch.observer/filing/0001193125-25-265833.txt

## Key facts
- Governance Changes
  CNL Healthcare Properties, Inc.: Amended bylaws to designate Circuit Court for Baltimore City, Maryland as exclusive forum for internal corporate claims and certain other actions (effective 2025-11-04).
  - Change: bylaw amendment
  - Effective: 2025-11-04
  source text: On November 4, 2025, the Board approved an amendment to the Company’s Third Amended and Restated Bylaws (the “Bylaws”, and such amendment, the “Bylaw Amendment”), which Bylaw Amendment became effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1496454/000119312525265833/0001193125-25-265833-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.