Sept. 4, 2015: Amica Mature Lifestyles’ pending $578 million sale to BayBridge Seniors Housing Inc. highlights demand for seniors residential care homes and a trend toward industry consolidation.
The Ontario Teachers’ Pension Plan Board subsidiary’s friendly takeover bid was announced September 2 and values Vancouver-based Amica’s (TSX:ACC) shares at $18.75, or a 113% premium to its $8.79 close on September 1.
Amica chairman and CEO Samir Manji called the offer a “significant value” and urged shareholders to approve it. The transaction requires a two-thirds vote of Amica shareholders, and industry insiders expect it to be approved.
“It’s not often that you see a buyout that’s more than 110% of the previous day’s closing price,” said Azim Jamal, CEO of the privately held Vancouver-based Retirement Concepts, which operates 23 seniors homes, including assisted-living and independent-living facilities.
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Ismailimail 