Sunrise Senior Living: Alternatives could include sale

By Lisa Kerner

Charlotte, N.C., July 25 - The board of directors of Sunrise Senior Living, Inc. said it will explore strategic alternatives to enhance shareholder value, including a possible sale of the company. Citigroup Global Markets Inc. will assist in the review process.

Sunrise said there can be no assurance that the review process will result in any sale transaction. No other details will be disclosed unless and until the board approves a specific transaction.

"As the committee of non-management directors explores strategic alternatives, the Sunrise team remains committed to serving our residents and their families, while simultaneously working to enhance shareholder value," founder, chairman and chief executive officer Paul Klaassen stated in a company news release.

In addition, Sunrise provided an update on its pending financial restatement for the years ended Dec. 31, 2003, 2004 and 2005. While the company is unable to provide precise impacts of the restatement, it currently estimates that the cumulative impact of the restatement will reduce net income for all periods impacted, including 1999 through 2005, by some $120 million to $125 million, the release stated.

Sunrise Senior Living is a McLean, Va.-based provider of senior living services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.