Post Properties surges on US$3.9b deal with Mid-America
The combined firm will have a market value of US$17b and become the largest listed apartment landlord
Add BT as a preferred sourceNew York
POST Properties Inc shares rose the most in seven years after Mid-America Apartment Communities Inc agreed to buy the real estate investment trust (Reit) for about US$3.9 billion, forming a company with about 105,000 multi-family units amid rising demand for rental housing.
Post Properties investors will get 0.71 of a Mid-America share for each of their shares, the companies said in a statement on Monday. That equals about US$72.53 a share, or a 17 per cent premium, based on Friday's closing prices. Annual gross synergies from the acquisition are expected to be about US$20 million, the Reit said.
TRENDING NOW
NDR 2026: Singapore to create new Western island to support 'new generation of industries'
MSCI drops S-E Asian heavyweights Sembcorp, GoTo and Ayala Land from global benchmarks
E-commerce is killing ‘real’ commerce, says China’s beverage king Zhong Shanshan
Asia-Pacific aviation: is up really the only way?
