Vancouver-based Amica Mature Lifestyles Inc. (TSX:ACC) which operates 24 luxury senior residences in B.C., Alberta and Ontario, including five in Metro Vancouver, has been bought by a subsidiary of the Ontario Teachers Pension Plan Board (OTPB) for $578 million in an all-cash deal.
Baybridge Seniors Housing Inc., fully owned by OTPB, will acquire Amica for $18.75 for each share, which represents a 113% premium to the closing price of Amica shares on the Toronto Stock Exchange September 1.
The transaction creates the largest seniors’ residence company in Canada.
Amica is involved in the design, development, marketing, management and ownership of luxury seniors’ residences. Its seven B.C. properties include the Amica Arbutus Manor on Vancouver’s west side.
BayBridge owns, operates or has a vested interest in 41 senior living communities: 35 in Canada in Alberta, B.C. and Ontario, and six in the United States.
"We are very pleased with this attractive offer and the significant value it represents to our shareholders," said Amica chairman and CEO, Samir Manji.
"The combination of BayBridge and Amica will create Canada's premier senior living company," said Doug MacLatchy, CEO of BayBridge. "There is an excellent fit in the services offered and the market locations of the two companies, with a shared focus on resident satisfaction."
Directors, senior executive officers and certain shareholders of Amica, who together represent approximately 24.4% of the issued and outstanding Amica Shares have agreed to the sale.
