Essex reportedly offering more than $60 per share for BRE

Essex Property's (ESS -2.4%) offer for BRE Properties (BRE +13.3%) is higher than a rejected $60 bid from Land & Buildings earlier this year, reports Bloomberg, citing two sources. BRE has been working with Wells Fargo to explore strategic options, including a sale. Essex plans to pay for the purchase with bank financing, a stock offering, and the sale of assets.

It's been a busy deal year in the REIT sector, with $78B of acquisitions YTD, up 41% from 2012.

BRE's currently trading at $60.50.

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Comments (1)
  • short term investor
    , contributor
    Comments (40) | Send Message
    Nope! The board will not take anything less than $70
    4 Dec 2013, 12:11 PM Reply Like
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