Meditrust, Santa Anita Cos. Complete Deal

Meditrust SBI said it completed its purchase of racetrack owner and operator Santa Anita Cos. for about $458 million in stock, after shareholders of the companies voted overwhelmingly in favor of the deal. Santa Anita Cos. changed its name to Meditrust Cos., which consists of Meditrust Corp. and Meditrust Operating Co. These two companies will trade as a pair on the New York Stock Exchange beginning today. Needham, Mass.-based Meditrust can now benefit from Santa Anita Cos.’ advantage of being just one of four real estate investment trusts allowed to own real estate and operate non-real estate businesses. Meditrust is the largest U.S. REIT specializing in the financing and ownership of health-care facilities. The deal means it now can operate health-care facilities. In NYSE trading, Santa Anita shares rose 88 cents to close at $36.50, and Meditrust shares rose 94 cents to close at $44.