Banyan REIT in Sale Negotiations

CHICAGO-Banyan REIT's board says it has authorized negotiation of a contract for the sale of all the trust's assets to an unidentified buyer. The board says it hopes to conclude the sale by the end of the first quarter, with net proceeds to shareholders from the sale possibly reaching $6.20 per share.

By Ted Jackson | October 25, 2000 at 01:01 AM

In February, the board hired CFC Advisory Services, an affiliate of Cohen Financial, to advise the board on the value of the trust's assets and seek a buyer for them. The board says, that based on the sale price being discussed, net proceeds to shareholders might be approximately $6.20 a share upon liquidation of the trust.

The REIT's shares are currently selling at around $5.50, little changed on the news. Banyan has a market capitalization of around $78 million.

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