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It's Official: Essex, BRE In Negotiations

PALO ALTO, CA-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.

By Natalie Dolce | Updated on December 09, 2013

PALO ALTO, CA-So, it’s official. Locally based Essex Property Trust Inc. and BRE Properties Inc. are in negotiations. Essex made an official announcement that it has made a “non-binding proposal” to acquire BRE in a “negotiated strategic business combination.”

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.

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