PALO ALTO, CA-The original suitor for Baltimore-based Town and Country Trust and its 13,000-unit multifamily portfolio met its Monday deadline to meet or beat the price of a rival bidder and stay in first position. Shortly thereafter, the rival bidder topped the price, which means the original suitor again has three days to meet or beat the price and maintain its grip on the deal.
The original suitor is a Morgan Stanley Real Estate-Onex Real Estate joint venture known as Magazine Acquisition LLC, whose initial $33.90 per share bid was turned into a tentative merger agreement in December. The rival bidder is a joint venture led by locally headquartered Essex Property Trust that jumped into the fray in late January with a $36-per-share offer. The two have been going back and forth ever since. The price to meet or beat now stands at $40.15 per share and partnership unit, more than 18% higher than the initial price at which the locally based REIT tentatively agreed to be acquired.
Town and Country owns and operates 38 apartment communities with 13,183 apartment homes in the Mid-Atlantic States and Florida. The company has 37.4 million outstanding shares and partnership units. The high offer translates to total deal value in the vicinity of $1.5 billion.
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