HOUSTON—AmREIT has finally found an appropriatebuyer after rejecting a bid earlier this year from RegencyCenters to acquire it. On Friday night the companyannounced it entered into an agreement with EdensInvestment Trust. Edens is purchasing AmREIT in acash transaction valued at $763million, or for $26.55 per share.
The transaction price represents a premium of nearly 40% overAmREIT's closing stock price on July 9, 2014, the last trading daybefore the disclosure of the unsolicited offer from RegencyCenters. It is also a premium of 21% over that $22 per shareproposal.
The transaction is expected to close in the first quarter of2015, contingent upon customary closing conditions and the approvalof AmREIT's stockholders, who will vote on the transaction at aspecial meeting on a date to be announced.
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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.
