REIT's co-founder makes bid.
February 9, 2006
Toronto Star
A co-founder and former trustee of Retirement Residences Real Estate Investment Trust is trying to buy the company.
George Kuhl departed as the REIT's vice-chairman in October to start a competitor, All Senior Care Living Centres Ltd.
Kuhl said in a release yesterday that he and a private equity partner have made an informal cash takeover bid for Retirement REIT. No terms were given.
Mississauga, Ont.-based Retirement Residences REIT, which has 215 retirement homes and long-term-care facilities in Canada and the United States, disclosed Jan. 12 that it had received an unsolicited informal takeover proposal.
That prompted speculation that the bidder was Chartwell Seniors Housing REIT.
Michael Fraser, chief financial officer of All Senior Care, said in an interview that Kuhl's bid was made Jan. 23. The proposal is backed by an unnamed, "very large, U.S.-based equity player," said Fraser, a former vice-president of Retirement Residences REIT.
Copyright (c) 2006 The Toronto Star
About All Seniors Care Living Centres Ltd.
All Seniors Care, where caring is our number one concern, has become the new standard of excellence in luxury retirement living. Founded on an unwavering commitment to exceptional care, All Seniors Care is dedicated to creating and operating the best senior's facilities, and providing the best care to seniors. For more information, please visit our website at www.allseniorscare.com.
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For more information on All Seniors Care Living Centres,
call our Head Office at 416 323 3773.
