Essex Property Trust, Inc. has made a non-binding proposal to acquire BRE Properties, Inc. in a negotiated strategic business combination. The transaction is worth approximately $4.48 billion.
Essex Property in exclusive talks with BRE PropertiesStaff writer ▼ Monday December 9, 2013 11:02AM ET
Under the proposal, each outstanding share of BRE common stock would be exchanged for 0.2971 shares of Essex common stock and $12.33 in cash. The companies are currently engaged in discussions and have agreed to an exclusivity period.
There can be no assurances that any transaction will be entered into or consummated. Pursuant to the terms of a confidentiality agreement, Essex cannot discuss or disclose developments with respect to these discussions unless and until both boards have approved a transaction.
Essex Property Trust, Inc., an S&P 400 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets.
Essex currently has ownership interests in 163 multifamily properties with an additional 11 properties in various stages of development. ■