Essex Property Enters into Exclusive Negotiations with BRE

Source:  CPE

Essex Property Trust, Inc., has made a non-binding proposal to acquire BRE Properties, Inc., in a negotiated strategic business combination in which each outstanding share of BRE common stock would be exchanged for 0.2971 shares of Essex common stock and $12.33 in cash, resulting in about $4.5 billion in cash and stock changing hands. Both companies are publicly traded REITs that primarily work in West Coast markets, particularly California and Seattle. Under the proposal, the companies are ...

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