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
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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.
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