AmericanRealty Capital Healthcare Trust III Inc.'s board decided to conducta strategic review process to determine available strategic alternatives forthe company to maximize long-term shareholder value.
The company's board formed a special committee thatcomprised independent directors for the initiative, according to a filing. Thecommittee is also addressing potential conflicts of interest related to thereview process.
The panel has appointed SunTrust Robinson Humphrey Inc. to serve as financialadviser. It also retained Shapiro Sher Guinot and Sandler P.A. as the speciallegal counsel for the strategic review.
Asof April 29, the board has not yet decided to enter into any transaction. ARCHealthcare Trust III said there is no guarantee that the consideration ofstrategic alternatives will lead to any transaction.
Thecompany will disclose further information about the process when it deemsnecessary, according to the filing.
The announcement follows its recent of amending certain provisionsof its charter to align with those of publicly traded REITs incorporated inMaryland.