Market Updates
Crescent Real Estate to Be Acquired for $6.5 B
Elena
23 May, 2007
New York City
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The real estate investment firm, Morgan Stanley Real Estate will buy the company for $22.80 per share. The deal includes the assumption and refinancing of about $3.1 billion of the company''s outstanding and unconsolidated debt and redemption of some $440 million in preferred shares. The transaction is expected to complete by the third quarter.
[R]8:15AM Crescent Real Estate Equities agreed to be acquired by a unit of Morgan Stanley for about $6.5 billion including debt.[/R]
Real estate investment trust Crescent Real Estate Equities Co. ((CEI)) announced on Tuesday it agreed to be acquired by a unit of Morgan Stanley for about $6.5 billion including debt. The real estate investment firm, Morgan Stanley Real Estate will buy the company for $22.80 per share, according to Crescent, which has about 102.8 million shares outstanding. The deal includes the assumption and refinancing of about $3.1 billion of the company''s outstanding and unconsolidated debt and redemption of some $440 million in preferred shares. Crescent said the purchase price is a 12% premium over its prior 30-day average closing share price and a 6% premium to Tuesday''s closing price of $21.62. The transaction is expected to complete by the third quarter.
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