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Sunrise Senior Living to issue special dividend

MCLEAN, Va. (AP) -- Sunrise Senior Living Inc. said Friday that it will issue a special cash dividend in connection with its deal with Health Care REIT Inc.

Health Care REIT is a real estate investment trust that invests in senior housing and health care real estate. The Toledo, Ohio, company announced in August that it will buy McLean, Va.-based Sunrise in an all-cash deal worth about $1 billion.

Sunrise said Friday that under terms of the agreement, it declared a conditional special cash dividend of $2.10 per share to shareholders of record as of Jan. 8 at a total cost of roughly $129.5 million.

Sunrise shareholders will get $12.40 per share as part of the deal plus the dividend, for a total of $14.50 per share. The payment will be made following completion of the deal.

Sunrise shareholders are expected to vote on the deal at the special meeting on Jan. 7. The company expects it to close by Jan. 9.

Sunrise operates roughly 303 senior living communities in the U.S., Canada and the United Kingdom.

Its shares closed unchanged at $14.39.