Care Investment Trust Inc. (NYSE: CRE) ("Care"), a real estate investment and finance company investing in healthcare-related real estate and commercial mortgage debt, announced that it has entered into a definitive agreement with Tiptree Financial Partners, L.P. ("Tiptree") for the sale of control of the Company through a combination of an equity investment by Tiptree in newly issued common stock at $9.00 per share and a cash tender offer by Care for up to 100% of its currently issued and outstanding shares of common stock at the same price. In connection with the proposed agreement, Care intends to terminate its existing management agreement with CIT Healthcare LLC, and it is anticipated that the resulting company will be advised by an affiliate of Tiptree.
Torey Riso, the Company’s President and Chief Executive Officer, said, "We are pleased to offer our stockholders with the choice of a near term liquidity opportunity for their Care common stock or an opportunity to continue their investment in our company."
Geoffrey Kauffman, Tiptree’s President and Chief Operating Officer, said, "Care is a great addition to the Tiptree family of companies, and we are looking forward to working with the Care team, and Care’s stockholders and joint venture partners."
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