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Riley Buying LNR in $3.8 Billion Deal.(Riley Property Holdings)
LNR Prop. Corp., a real estate financing and development company, is being acquired by Riley Property Holdings for total consideration of about $3.8 billion, including the assumption of debt.
LNR shareholders are to receive $63.10 per share in cash compensation, LNR reports. Stuart A. Miller, chairman, LNR board of directors, said, "LNR will continue to grow and expand into new ventures with a group that has a proven track record of selecting investments that have excellent growth potential."
Mr. Miller and his family are also exchanging a part of their shareholding for about a 20.4% interest in Riley.
Riley Property Holdings is majority owned by affiliates of Cerberus Capital Management and its real estate affiliate Blackacre Institutional Capital Management.
The merger agreement permits LNR to consider other "unsolicited proposals" according to LNR.
The approval of LNR shareholders is required for the transaction to close.
Following the merger announcement, both Moody's Investors Service and Fitch Ratings have put some LNR securities on rating watch.
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Source: HighBeam Research, Riley Buying LNR in $3.8 Billion Deal.(Riley Property Holdings)