Healthpeak Properties Inc. and Physicians Realty Trust traded at steep discounts to net asset value at the time they announced their planned all-stock merger. The all-stock merger of equals would lead to a combined company with an expected enterprise value of about $21 billion. It was valued at $4.69 billion at announcement, according to Market Intelligence data. The transaction, which drew initial skepticism from investors, is not a sale but “just a combination based on relative value that made sense in and of itself,” Healthpeak President and CEO Scott Brinker said on an M&A call. Wedbush Securities analyst Richard Anderson called the deal “a unique marriage that doesn’t follow the conventional playbook of REIT M&A.”
Read the full article: Healthcare REITs in ‘Atypical’ Merger Deal Trade at Sharp Discounts to NAV //
Source: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/healthcare-reits-in-atypical-merger-deal-trade-at-sharp-discounts-to-nav-78229074