No Increase in CRT's Acquisition Bid: CareTrust Calls for Shareholder Votes Amid Low Turnout Expectation

CareTrust REIT, Inc. and its subsidiary CR United Bidco Ltd (Bidco) announced their final recommended cash acquisition bid for Care REIT plc (CRT plc). The financial terms of the acquisition remain stagnant, cementing the price at 108 pence in cash for each CRT plc Share. Deeming the purchase price fair in their recent declaration, CareTrust and Bidco have maintained their position, stating the terms won’t be increased.

However, the financial duo do reserve the right to revise the acquisition’s financial terms under two conditions; if someone else intends to bid for CRT plc, or if wholly exceptional circumstances lead to the Panel providing its consent. Any authorised, declared, or payable dividends from CRT plc Shares from the announcement date until the effective date will cause a reduction in the acquisition price by the total amount of the said dividends.

In an interesting twist, low voter turnout at shareholder meetings is predicted, due to CRT plc’s shareholder register experiencing significant turnover since the offer period’s initiation. With fears of a relatively small number of dissenting shareholders holding more sway due to the expected lower turnout, CareTrust and CRT plc are urging all shareholders to exercise their voting rights as they finalize the acquisition process. Proxy appointments and instructions for the upcoming Court Meeting and General Meeting are eagerly sought by the corporations.