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Two REITs Merge in $1.9B Deal.(Brief Article)
In a major multifamily real estate investment trust merger, Camden Property Trust is acquiring Summit Properties, Charlotte, N.C., for about $1.9 billion, including the assumption of Summit debt.
The deal places a value of $31.37 per Summit share, Camden said, based on the closing price of Camden shares on Oct 1. Summit shareholders may opt to receive either $31.20 in cash or 0.6687 of a Camden share per Summit share, Camden reports.
Richard J. Campo, chairman and CEO, Camden, said, "This strategic merger takes both Camden and Summit to the next level in size and potential. This merger creates the fifth-largest multifamily public company in the U.S. with a $5.7 billion total market capitalization and $2.9 billion equity market cap."
And Steve LeBlanc, CEO, Summit, noted that Summit shareholders "will receive a premium over the current share price as well as a 26% increase in annual dividends for those electing ...
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