MPG Office Trust (MPG) will be acquired for $3.15 per share in cash by a fund controlled by...


MPG Office Trust (MPG) will be acquired for $3.15 per share in cash by a fund controlled by Brookfield Office Properties (BPO). MPG shares +22.31% premarket.

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Comments (8)
  • Chris DeMuth Jr.
    , contributor
    Comments (10651) | Send Message
     
    Great news.
    25 Apr 2013, 09:18 AM Reply Like
  • jumpnjoey77
    , contributor
    Comments (1195) | Send Message
     
    :).
    25 Apr 2013, 09:20 AM Reply Like
  • Clint Edgington
    , contributor
    Comments (355) | Send Message
     
    how long have pref dividends been in arrears?
    25 Apr 2013, 10:16 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (10651) | Send Message
     
    It appears since 2008.
    25 Apr 2013, 10:28 AM Reply Like
  • Clint Edgington
    , contributor
    Comments (355) | Send Message
     
    Interesting action in those today; I can't figure out what to make of the tender offer by Brookfield...."we'll offer you $25 to buy a $32(ish) security off of you unless we convince 2/3 of you to do it...then we'll just take them all for $25"
    25 Apr 2013, 10:33 AM Reply Like
  • bgoud007
    , contributor
    Comments (80) | Send Message
     
    It's actually worth about $33.50. With the market price at $28, no one who is paying attention will tender at $25. So they either need to raise the tender price or the whole issue will remain outstanding.
    25 Apr 2013, 05:38 PM Reply Like
  • Clint Edgington
    , contributor
    Comments (355) | Send Message
     
    pg 151/152 of S-11 http://1.usa.gov/XZrc1M tells me they can probably get away with it if they get the 2/3. Would be interested in a counterpoint...
    25 Apr 2013, 11:24 AM Reply Like
  • arbtrader
    , contributor
    Comments (526) | Send Message
     
    I've seen it happen w/REIT pfds before. They try and wear down the holders and nibble with occasional buy-ins of 10-20% sub-par (no dividends of course) till they get to 66%. At that point they can vote whatever they wish as a settlement.

     

    I did one arb 5-6 years back where they suspended dividends the quarter following the transaction/LBO close. Basically they got free unsecured finance they could ignore. Started buying in the pfd at 12$ and then mid-teens.

     

    Often the pfd SH get a right to a board seat when dividends not being paid. Interesting to see the proxy to see what the BOD rep thought of the buy-in, if that is the case here.

     

    ....also change in control payments to the same BOD member and sr. mgt! Money talks!
    25 Apr 2013, 02:00 PM Reply Like
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