# EDGAR Filing Document

**Accession Number:** 0001159281
**File Stem:** 0000000000-23-002183
**Filing Date:** 2023-3
**Character Count:** 11158
**Document Hash:** c4d89e1dd71e805362182b7612e7d234
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002183.hdr.sgml**: 20230418

**ACCESSION NUMBER**: 0000000000-23-002183

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230303

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AlerisLife Inc.
- **CENTRAL INDEX KEY:** 0001159281
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-SKILLED NURSING CARE FACILITIES [8051]
- **IRS NUMBER:** 043516029
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 400 CENTRE STREET
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** (617) 796 8387

**MAIL ADDRESS:**
- **STREET 1:** 400 CENTRE STREET
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIVE STAR SENIOR LIVING INC.
- **DATE OF NAME CHANGE:** 20170306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIVE STAR QUALITY CARE, INC.
- **DATE OF NAME CHANGE:** 20161006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIVE STAR QUALITY CARE INC
- **DATE OF NAME CHANGE:** 20010918
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001104659-23-010468

## Text-Extract

```

United States securities and exchange commission logo

                              March 3, 2023

       Jeffrey Leer
       President and Chief Executive Officer
       AlerisLife Inc.
       255 Washington Street, Suite 230
       Newton, MA 02458

                                                        Re: AlerisLife Inc.
                                                            Schedule 14D-9
filed February 17, 2023
                                                            File No. 005-62369

       Dear Jeffrey Leer:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

               Please respond to these comments by providing the requested
information or advise us as
       soon as possible when you will respond. If you do not believe our
comments apply to your facts
       and circumstances, please tell us why in your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Schedule 14D-9 filed February 17, 2023

       Background of the Offer, page 10

   1.                                                   Please revise to define
the capitalized term    Independent Directors    and    Managing
                                                        Directors.
       Reasons for the Recommendation of the Special Committee and the Board;
Fairness of the Offer
       and the Merger, page 19

   2.                                                   We note the disclosure
on page 10 that    the Board believes that, based on its consideration
                                                        of the factors relating
to the substantive and procedural fairness, the Offer and the Merger
                                                        are fair to, and in the
best interests of, the Company   s stockholders (other than ABP and
                                                        its affiliates).
Please note that the staff considers officers and directors of the Company
                                                        to be affiliates when
considering whether such reference is sufficiently specific to satisfy
                                                        Item 1014(a) of
Regulation M-A. Please refer to the definition of    affiliate    in Exchange
                                                        Act Rule 13e-3(a)(1).
Please revise the disclosure to comply with the disclosure
                                                        obligations set forth
in Item 1014(a) by addressing the fairness determination to
 Jeffrey Leer
AlerisLife Inc.
March 3, 2023
Page 2
       unaffiliated shareholders only.
3.     The factors listed in Instruction 2 to Item 1014 of Regulation M-A are
generally relevant
       to each filing person   s fairness determination and should be discussed
in reasonable detail.
       See Question Nos. 20 and 21 of the Exchange Act Release No. 34-17719
(April 13,
       1981). Please revise this section to include the factors described in
clauses (ii) and (vi) of
       Instruction 2 to Item 1014 or explain why such factors were not deemed
material or
       relevant to the Board's fairness determination. If the procedural
safeguard in Item 1014(c)
       was not considered, please explain why the Board believes that the Rule
13e-3 transaction
       is fair in the absence of such safeguard.
Miscellaneous, page 29

4.     Disclosure in this section indicates that (i) the Company has agreed to
pay Citi for its
       services in connection with the proposed Transactions an aggregate fee
of $3 million and
       (ii) Citi and its affiliates have received approximately $70 million in
the two-year period
       prior to the date of Citi   s opinion for services such entities have
provided to RMR Inc.
       and/or its affiliates, including DHC. We also note the disclosure (x) on
page 3 under the
       heading    Relationships with RMR and Others Related to It,
indicating that Mr. Portnoy
       is the sole trustee, an officer and the controlling shareholder of ABP
Trust, which is the
       controlling shareholder of RMR Inc., a managing director and the
president and chief
       executive officer of RMR Inc. and an officer and employee of RMR, and
(y) the
       disclosure on page 3 under the heading    Relationship with Diversified
Healthcare Trust
       indicating that that Mr. Portnoy serves as the chair of the board of
trustees and as a
       managing trustee of DHC. With a view towards disclosure, please advise
what
       consideration in its selection of Citi did the Special Committee give to
the potential risk of
       a conflict of interest or bias by Citi in light of Citi   s relationship
with Mr. Portnoy, given
       his control of RMR and the Purchaser.
        We remind you that the filing persons are responsible for the accuracy
and adequacy of
their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.

       Please direct any questions to Perry Hindin at 202-551-3444.

                                                              Sincerely,
FirstName LastNameJeffrey Leer
                                                              Division of
Corporation Finance
Comapany NameAlerisLife Inc.
                                                              Office of Mergers
& Acquisitions
March 3, 2023 Page 2
cc:       Zachary R. Blume
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

March 3, 2023

Jeffrey Leer  
President and Chief Executive Officer  
AlerisLife Inc.  
255 Washington Street, Suite 230  
Newton, MA 02458

**Schedule 14D-9 filed February 17, 2023** **File No. 005-62369**

Dear Jeffrey Leer:

We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Schedule 14D-9 filed February 17, 2023

Background of the Offer, page 10

1. Please revise to define the capitalized term “Independent Directors” and “Managing Directors.”

Reasons for the Recommendation of the Special Committee and the Board; Fairness of the Offer and the Merger, page 19

2. We note the disclosure on page 10 that “the Board believes that, based on its consideration of the factors relating to the substantive and procedural fairness, the Offer and the Merger are fair to, and in the best interests of, the Company’s stockholders (other than ABP and its affiliates).” Please note that the staff considers officers and directors of the Company to be affiliates when considering whether such reference is sufficiently specific to satisfy Item 1014(a) of Regulation M-A. Please refer to the definition of “affiliate” in Exchange Act Rule 13e-3(a)(1). Please revise the disclosure to comply with the disclosure obligations set forth in Item 1014(a) by addressing the fairness determination to

Jeffrey Leer  
AlerisLife Inc.  
March 3, 2023  
Page 2

unaffiliated shareholders only.

3. The factors listed in Instruction 2 to Item 1014 of Regulation M-A are generally relevant to each filing person’s fairness determination and should be discussed in reasonable detail. See Question Nos. 20 and 21 of the Exchange Act Release No. 34-17719 (April 13, 1981). Please revise this section to include the factors described in clauses (ii) and (vi) of Instruction 2 to Item 1014 or explain why such factors were not deemed material or relevant to the Board’s fairness determination. If the procedural safeguard in Item 1014(c) was not considered, please explain why the Board believes that the Rule 13e-3 transaction is fair in the absence of such safeguard.

# Miscellaneous, page 29

4. Disclosure in this section indicates that (i) the Company has agreed to pay Citi for its services in connection with the proposed Transactions an aggregate fee of $3 million and (ii) Citi and its affiliates have received approximately $70 million in the two-year period prior to the date of Citi’s opinion for services such entities have provided to RMR Inc. and/or its affiliates, including DHC. We also note the disclosure (x) on page 3 under the heading “Relationships with RMR and Others Related to It,” indicating that Mr. Portnoy is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR, and (y) the disclosure on page 3 under the heading “Relationship with Diversified Healthcare Trust” indicating that that Mr. Portnoy serves as the chair of the board of trustees and as a managing trustee of DHC. With a view towards disclosure, please advise what consideration in its selection of Citi did the Special Committee give to the potential risk of a conflict of interest or bias by Citi in light of Citi’s relationship with Mr. Portnoy, given his control of RMR and the Purchaser.

We remind you that the filing persons are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Please direct any questions to Perry Hindin at 202-551-3444.

Sincerely,

Office of Mergers & Acquisitions

cc: Zachary R. Blume