Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hudson Bay objects to Sabra's proposed acquisition of Care Capital Properties

Friday, July 14, 2017

Benedicte Gravrand, Opalesque Geneva:

Hudson Bay Capital Management LP, a New York-based investment manager which own approximately 3.2% of the common stock of Sabra Health Care REIT, Inc., released an open letter to Sabra shareholders urging them to reject Sabra's proposed acquisition of Care Capital Properties, Inc. A special meeting to vote on the proposed merger is scheduled on August 15.

In the letter, Hudson Bay explains how the proposed acquisition of CCP has resulted in the destruction of substantial Sabra shareholder value through a significantly lower stock price and trading valuation multiples.

"On May 7, 2017, Sabra announced an agreement to acquire Care Capital Properties, Inc. for all stock consideration valued at $29.96 per CCP share, an 11.8% premium to CCP's closing share price of $26.79 on May 5, 2017, the trading day prior to announcement. Since then, Sabra's share price has deteriorated significantly on both an absolute and relative basis," the letter says.

Hudson Bay Capital Management LP is a manager of alternative investment opportunities in the global markets employing a diverse set of catalyst-driven absolute return strategies. It was founded in 2005. According to recent reports, Hudson Bay increased its stake in ......................

To view our full article Click here

Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1