Brooke Sutherland, Columnist

Brookdale Senior Living Creaks Toward a Deal

The retirement-home operator's stock has fallen far enough that a deal for its real estate or a full takeover is more likely.

January 11, 2017 at 3:57 PM UTC

By Brooke Sutherland

Brooke Sutherland is Bloomberg News' Boston bureau chief and writes the Industrial Strength Newsletter. She was previously a Bloomberg Opinion columnist covering deals and industrial companies and an M&A reporter for Bloomberg News.

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How many activists does it take to find a deal for Brookdale Senior Living Inc.? Several, apparently, but Land & Buildings Investment Management may have the best shot of the bunch.

Brookdale is reportedly in talks with suitors including Blackstone Group after Land & Buildings urged the company to sell its owned real estate. This should sound familiar. Another activist, Sandell Asset Management Corp., pushed Brookdale to spin off its properties into a real estate investment trust in 2015. A Sandell-backed candidate got a board seat and the company conducted a strategic review, but neither yielded any action on the real estate. The fund later sold its position, which looks smart in retrospect considering this is what Brookdale's stock has done1484143298107: