| Onex Partner Makes $1.5 Billion Deal for Real Estate Trust |
|
|
|
Onex Corporation, a Toronto holding company led by Gerald Schwartz,
plans to pay $1.5 billion to purchase Town and Country Trust, a United
States based trust that operates 39 apartment complexes. Onex plans to pay cash in the joint venture trust between their affiliates and Morgan Stanley Real Estate. The agreement terms stipulate that Onex Real Estate and Morgan Stanley Real Estate will buy all of Town and Country's common shares for $39.20 per share in cash, a 13.8 percent premium over TCT's closing price Monday afternoon and a 16.5 per cent premium over the 60-day average closing price. Onex said that the transaction has already been approved unanimously by Town and Country Trust’s board of trustees, as well as a group of shareholders who hold nine percent of the outstanding shares of TCT, and 96 percent of the outstanding limited partnership units in TCT's operating partnership. TCT's apartment complexes comprise 13,330 apartment units across the Mid-Atlantic States and Florida. The deal is expected to close in the first quarter of 2006, pending two-thirds approval of Town and Country Trust shareholders. By Susan Evans |
| < Prev | Next > |
|---|
