Under the earlier acquisition agreement announced in November, SSPF was to acquire the REIT for $19 per share, for a total consideration of approximately $502 million, as reported by GlobeSt.com.
Columbia's stockholders will vote on the merger on Feb. 27. Assuming a majority of Columbia's shareholders approve of the transaction, the merger is expected to close on March 1.
According to earlier statements, once the transaction is complete, Oliver Carr, chairman, president and CEO at Columbia and John Schissel, executive vice president and CFO, will reinvest 25% or more of their current equity in the company into the new entity.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
