Brookdale Senior Living Inc. (NYSE: BKD; the "Company") announced that certain funds managed by affiliates of Fortress Investment Group LLC (the "Fortress stockholders") intend to offer in an underwritten offering 16.55 million shares of the Company’s common stock. Fortress funds owned 52.7 million shares of Brookdale or about 45 percent of outstanding shares of the 118.6 million shares on the market according to data from June SEC filings. The offering was priced at $16 per share and the closing price on Wednesday, November 11, 2009 was $16.82. The Company’s stock traded at $3.01 in March 2009. Approximately $257 million of net proceeds from the sale of the common stock will be received by the selling stockholders. The Company will not sell any shares in the offering and will not receive any of the proceeds from the offering and is expected to close on November 13, 2009.
Technorati Tags: Senior Housing Stocks