Key Developments: Colonial Properties Trust (CLP.N)

CLP.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Colonial Properties Trust Announces Quarterly Common Dividend
Monday, 8 Jul 2013 05:23pm EDT 

Colonial Properties Trust announced its Board of Trustees has approved a quarterly common dividend of $0.21 per share for the third quarter payable July 31, 2013, to shareholders of record as of July 19, 2013, representing an ex-dividend date of July 17, 2013.  Full Article

Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Colonial Properties Trust
Wednesday, 5 Jun 2013 12:45pm EDT 

Levi & Korsinsky announced that it is investigating the Board of Directors of Colonial Properties Trust for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Mid-America Apartment Communities Inc. (Mid-America). The investigation concerns whether the Colonial Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Mid-America is underpaying for Colonial, thus unlawfully harming Colonial shareholders. In particular, at least one analyst set a price target for Colonial stock at $26.00 per share.  Full Article

Faruqi & Faruqi, LLP, Partner Juan E. Monteverde Launches Investigation of Colonial Properties Trust Over Proposed Sale to Mid-America Apartment Communities Inc
Tuesday, 4 Jun 2013 07:00pm EDT 

Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of Colonial Properties Trust for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Mid-America Apartment Communities Inc. in a stock for stock deal valued at approximately $2.1 billion. Under the terms of the proposed transaction, Colonial`s stockholders will receive 0.36 of a Mid-America share for each share of Colonial they own, representing a value of approximately $23.72 per share based upon Mid-America`s June 3, 2013 closing price. According to Yahoo! Finance, at least one financial analyst has set a price target of $26.00 for Colonial. The investigation focuses on whether Colonial`s Board of Directors breached their fiduciary duties to the Company`s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Colonial`s shareholders.  Full Article

Harwood Feffer LLP Announces Investigation Of Colonial Properties Trust
Monday, 3 Jun 2013 11:15pm EDT 

Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Colonial Properties Trust (Colonial or the Company) concerning the proposed acquisition of the Company by Mid-America Apartment Communities Inc. (Mid-America). On June 3, 2013, Colonial announced that it had entered into a definitive agreement pursuant to which the Company will be acquired by Mid-America. Under the terms of the agreement, Colonial stockholders will receive 0.36 Mid-America shares, or approximately $24.47, for each share of Colonial owned. The investigation concerns whether the Colonial board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.  Full Article

Kahn Swick & Foti, LLC Investigates Colonial Properties Trust Following Announcement of Proposed Sale to Mid-America Apartment
Monday, 3 Jun 2013 09:01pm EDT 

Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (KSF) announced that KSF has commenced an investigation into the Board of Directors of Colonial Properties Trust in connection with their conduct related to the sale of the Company to Mid-America Apartment Communities Inc. Under the terms of the proposed transaction, shareholders of Colonial will receive 0.36 newly-issued shares of Mid-America for each share of Colonial common stock that they own, representing an implied price per share of approximately $24.47 per Colonial share based on the closing price on May 31, 2013. KSF`s investigation is focusing on whether Colonial and/or its officers and directors secured sufficient value for the shareholders of the Company, violated their fiduciary duties, and/or violated state or federal securities laws.  Full Article

Robbins Arroyo LLP Investigates Merger Of Colonial Properties Trust And Mid-America Apartment Communities Inc
Monday, 3 Jun 2013 06:37pm EDT 

Shareholder rights attorneys at Robbins Arroyo LLP announced that it is investigating the merger of Colonial Properties Trust and Mid-America Apartment Communities, Inc. On June 3, 2013, the companies announced the signing of a definitive merger agreement under which Colonial Properties Trust and MAA will merge, creating a publicly traded, multifamily REIT. Robbins Arroyo LLP's investigation focuses on whether the board of directors at Colonial Properties Trust is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger. Under the terms of the agreement, each Colonial Properties Trust common share will be converted into 0.36 of a newly issued MAA common share, valued at $24.47. As an initial matter, the $24.47 merger consideration is significantly below the target price of $26.00 set by an analyst at Sandler O'Neill & Partners, L.P. since April 27, 2012. Further, on April 25, 2013, Colonial Properties Trust released its financial results for the first quarter 2013, reflecting an increase in both multifamily same-property net operating income by 6.8% and multifamily same-property revenue by 5.2% compared to the first quarter 2012. Further, Colonial Properties Trust ended the quarter with multifamily same-property physical occupancy of 96.1%.  Full Article

Johnson & Weaver, LLP Announces Investigation of Colonial Properties Trust Proposed Acquisition by Mid-America Apartment Communities Inc
Monday, 3 Jun 2013 01:57pm EDT 

Shareholder Rights Law Firm Johnson & Weaver, LLP announced that it is investigating whether members of the board of directors of Colonial Properties Trust breached their fiduciary duties in connection with the proposed acquisition by Mid-America Apartment Communities Inc. On June 3, 2013, Mid-America announced that it had entered into a definitive merger agreement to acquire Colonial Properties.The investigation will determine whether the board of directors breached their fiduciary duties to stockholders by failing to satisfactorily shop the company before entering into this agreement. Jim Baker, lead analyst for Johnson & Weaver, stated that, Mid-America`s offer appears to be inadequate and not in the best interest of Colonial Properties shareholders. Baker noted that this real estate investment trust (REIT) has been steadily increasing dividends to shareholders as a result of its superior performance. Additionally, many analysts have a price target greater than the buyout price.  Full Article

Mid America Apartment Communities Inc To Buy Colonial Properties Trust For $2.17 Billion-Reuters
Monday, 3 Jun 2013 12:07pm EDT 

Reuters reported that Mid America Apartment Communities Inc said it would buy rival Colonial Properties Trust for about $2.17 billion to expand in the apartment rental market in southern United States. U.S. apartments rents are rising and vacancy rates are falling as the economy improves. Under the deal, MAA will offer 0.36 common shares for each Colonial Properties Trust unit. The offer of $24.47 per share represents an 11% premium to Colonial Properties' May 31, 2013 close. The combined company is expected to have a pro-forma equity market value of about $5.1 billion and a total market value of $8.6 billion, MAA said.  Full Article

Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Colonial Properties Trust
Monday, 3 Jun 2013 11:47am EDT 

Levi & Korsinsky announced that it is investigating the Board of Directors of Colonial Properties Trust for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Mid-America Apartment Communities Inc. (Mid-America). The investigation concerns whether the Colonial Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Mid-America is underpaying for Colonial, thus unlawfully harming Colonial shareholders. In particular, at least one analyst set a price target for Colonial stock at $26.00 per share.  Full Article

Mid America Apartment Communities Inc and Colonial Properties Trust To Merge
Monday, 3 Jun 2013 06:30am EDT 

Mid America Apartment Communities Inc and Colonial Properties Trust announced that they have entered into a definitive merger agreement under which MAA and Colonial Properties Trust will merge, creating a Sunbelt-focused, publicly traded, multifamily REIT, shareholders and employees. The combined company is expected to have a pro forma equity market capitalization of approximately $5.1 billion and a total market capitalization of $8.6 billion. Under the terms of the agreement, each Colonial Properties Trust common share will be converted into 0.36 newly issued MAA common share, and the combined company will be an UPREIT. On a pro forma basis, following the merger, former MAA equity holders will hold approximately 56% of the combined company's equity, and former Colonial Properties Trust equity holders will hold approximately 44%. The all-stock merger is intended to be a tax-free transaction. The parties currently expect the transaction to close during the third quarter of 2013.  Full Article

Apartment property trust MAA to buy Colonial Properties for $2.17 billion

- Real estate investment trust Mid America Apartment Communities Inc said it would buy rival Colonial Properties Trust for about $2.17 billion to expand in the apartment rental market in southern United States.

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