Essex Property Trust Inc and BRE Properties Inc to combine in $15.4 bln transaction

Thursday, 19 Dec 2013 08:00am EST 

Essex Property Trust Inc and BRE Properties Inc:Says they have entered into a definitive agreement under which BRE Properties will combine with Essex, creating the only publicly traded West Coast pure play multifamily REIT.Says the combined company is expected to have a pro forma equity market capitalization of about $10.4 bln and a total market capitalization of about $15.4 bln.Says under the terms of the agreement, each BRE common share will be converted into 0.2971 newly issued shares of Essex common stock plus $12.33 in cash.Says upon completion of the merger, the company will retain the Essex name and will continue to trade under the ticker symbol ESS. 

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