Essex and BRE in exclusive negotiations

Essex Property Trust (ESS) confirms its proposal to buy BRE Properties, saying it offered $12.33 in cash and $0.2971 of ESS for each share of BRE - $58.08 based on Friday's close. Chatter last week said the offer was higher than a rejected $60 per share bid made by Land & Buildings earlier this year.

The two companies have entered exclusive negotiations.

BRE -2% premarket to $58.15

BRE press release

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