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LONDON - Shareholders of Care REIT PLC (CRT plc) have overwhelmingly approved an all-cash acquisition by CR United Bidco Ltd (Bidco), a subsidiary of CareTrust REIT (NYSE:CTRE), Inc. The approval was secured during the Court Meeting and General Meeting held on Tuesday, with the Scheme of Arrangement under the Companies Act 2006 receiving the green light.
The transaction, first announced on March 11, 2025, involves Bidco acquiring the entire issued and to be issued ordinary share capital of CRT plc, excluding any Scheme Restricted Shares. The Scheme was endorsed by 99.51% of the votes cast at the Court Meeting, with 43 out of 51 Scheme Shareholders voting in favor.
At the subsequent General Meeting, 131 CRT plc Shareholders, representing 84.76% of the votes, supported the resolutions necessary to implement the Scheme, including amendments to CRT plc’s articles of association and authorization for directors to take requisite actions for effectuating the Scheme.
The Scheme’s approval satisfies conditions 2a) and 2b) as outlined in the Scheme Document, moving the acquisition process forward. The next step is the Court Hearing scheduled for May 7, 2025, to sanction the Scheme, followed by the satisfaction or waiver of remaining conditions.
If the Court sanctions the Scheme and other conditions are met, the acquisition is expected to become effective on May 9, 2025. CRT plc has stated that the last day for dealings in its shares will be May 8, 2025, with trading suspension set for the following morning. Subject to the Scheme’s effectiveness, CRT plc Shares are expected to be delisted from the London Stock Exchange (LON:LSEG) by 7:30 a.m. on May 12, 2025.
This significant step in the acquisition process reflects shareholder confidence in the proposed transaction, which is based on a press release statement. Further updates will be issued following the Scheme’s completion.
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