Essex Discloses $4.5B Offer For BRE After Rumors Boil Over

Law360, New York (December 9, 2013, 2:44 PM EST) -- After reports of a buyout offer last week and investor pressure to sell, property manager California-based Essex Property Trust Inc. has made a cash and stock trade offer to purchase BRE Properties Inc., valued at $4.48 billion, the companies said Monday.

Essex said it has made a nonbinding proposal to purchase BRE, offering 0.2971 shares of Essex stock for each outstanding share of BRE plus $12.33 per share, valuing the deal at about $58.08 per share based on Essex’s Friday closing stock price of $153.98 per...
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