Essex said to have offered $5 bln for BRE Properties - Bloomberg
Dec 4 (Reuters) - Essex Property Trust Inc, a manager of residential properties on the U.S. West Coast, has offered to buy BRE Properties Inc for about $5 billion, Bloomberg reported, citing two people familiar with the matter.
BRE Properties shares were up 13 percent in late morning trading on the New York Stock Exchange.
The offer is higher than the $60 per share bid made by investment firm Land & Buildings and an investor group earlier this year, said Bloomberg, citing a source. (r.reuters.com/jur25v)
Essex and BRE executives could not be immediately reached for comment. (Reporting by Mridhula Raghavan in Bangalore; Editing by Saumyadeb Chakrabarty)
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