In a statement released this morning, CarrAmerica executivesreveal that the price tag "represents an 18.4% premium overCarrAmerica'sclosing stock price on Feb. 16, 2006." Stockholders ofboth firms have yet to give their blessing to the deal. A specialmeeting is expected but has not yet been scheduled. The deal,however, is expected to close in Q2.

Plans at this point call for the liquidation of the company, butsources familiar with the deal say that the liquidation would notimpact the brand or the platform. No further details on whatexactly that means were forthcoming.

According to the statement, "Each holder of a share of the 7.50%Series E Cumulative Redeemable Preferred Stock will receive $25 pershare in cash plus any then accrued but unpaid dividends. Thecommon limited partnership interests in two of CarrAmerica'soperating partnerships will be acquired for $44.75 per unit incash. Qualified holders of common limited partnership interestswill be given the option (in lieu of cash) to elect to receivepreferred units of limited partnership interest in the partnershipsfollowing the merger."