American Residential PropertiesNYSE
Dec. 3, 2015, 8:12 AM
- That didn't take long. Just days after Jonathan Litt went public with his campaign against the American Residential Properties (NYSE:ARPI) board, the company sells itself to American Homes 4 Rent (NYSE:AMH).
- ARPI owners will receive 1.135 shares of AMH for each share of ARPI they own. That's equal to $19.01 per share based on current prices. It's an 8.7% premium to yesterday's closing price of $17.49, and a near 20% premium to the average closing price over the past 20 days.
- Litt pegs the NAV of ARPI at closer to $24 per share. A 7.4% owner of the stock, he's not yet been heard from on this deal.
- A conference call is set for 8:30 ET.
Sep. 21, 2015, 10:18 AM
- Starwood Waypoint (SWAY +9.3%) is sharply higher after announcing its merger with Colony Capital's (CLNY +2.7%) Colony American Homes.
- With M&A (and the quick scale-up and cost savings that come with it) in the air, Silver Bay Realty (SBY +1.7%), American Homes 4 Rent (AMH +2.6%), and American Residential Properties (ARPI +2.2%) are also on the move.