Office Properties Sinks After Plan to Buy Diversified Healthcare

(Adds share-price move)

Office Properties Income Trust falls as much as 20%, the most intraday since March 2020, after the real estate investment trust agreed to buy Diversified Healthcare Trust in an all-stock deal with an implied value of $1.70 per DHC share.

• DHC holders to get 0.147 shares of OPI for each DHC share
• OPI to change name to Diversified Properties Trust on closing
• Implied premium of 20% to DHC’s 30-trading day average closing price
• OPI holders to own 58%; DHC holders to own 42%
• OPI secured $368m bridge loan from JPM
• OPI to reset cash distribution to 25c/shr ...