IRVINE, Calif. — The HCP (NYSE: HCP) Board of Directors has approved the previously announced spinoff of the company’s HCR ManorCare skilled nursing and assisted living assets.
The new company will be a publicly traded REIT known as Quality Care Properties Inc. (QCP).
The spinoff will be effected through a pro rata distribution of the outstanding shares of QCP common stock to HCP’s stockholders. Each HCP stockholder will receive one share of QCP common stock for every five shares of HCP common stock as of Oct. 24.
Following the spinoff, HCP will continue to be listed on the New York Stock Exchange under the symbol HCP. QCP will list its common stock on the NYSE under the symbol QCP.
Barclays and Morgan Stanley are acting as financial advisors to HCP, and Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel.