(Updated with comment at 3:40 p.m. ET.)
Ventas, a Chicago-based real estate investment trust, plans to acquire competitor American Realty Capital Healthcare Trust in a $2.6 billion deal. With the deal, publicly traded Ventas, already one of the country's largest healthcare REITs by market capitalization, would assure its position at the top of the group.
Under the proposal, ARC investors have the option to receive either $11.33 in cash or 0.1688 Ventas common shares for each ARC share they hold. The deal represents a 14% premium over ARC's share price last Friday and has been approved by both boards of directors.
It is expected to close in the fourth quarter but still needs approval from ARC shareholders.