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Cousins Properties to combine with Tier REIT

Mar. 25, 2019 7:14 AM ETCousins Properties Incorporated (CUZ) Stock, TIER StockBy: Liz Kiesche, SA News Editor
  • Cousins Properties (NYSE:CUZ) agrees to acquire Tier REIT (NYSE:TIER) in an all-stock transaction, creating a Class A office REIT with a combined portfolio of more than 21M square feet across the Sun Belt.
  • Cousins will issue 2.98 shares of its shares for each share of Tier stock. At Friday's close, the deal values Tier shares at about $29.44 each, about a 16% premium to Friday's close.
  • Sees annual net G&A savings of ~$18.5M to be realized immediately after closing.
  • Combined company will have an equity market capitalization of ~$5.9B, total market capitalization of ~$7.8B
  • Cousins Executive Chairman Larry Gellerstedt will serve as executive chairman of the combined company, and Cousins President Colin Connolly and his senior management team will continue to lead the combined company.
  • Cousins board will be increased to 11 members, with two additions from Tier's board.
  • Conference call at 8:30 AM ET.
  • Previously: Cousins Properties boosts 2019 guidance to reflect recent deals (March 4)

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