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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. 

Company Quote

68.15
-0.3 -0.44%
17 Apr 2014