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EDENS set to acquire AmREIT for $763m



AmREIT Inc. has announced that it has finalized an agreement with Edens Investment Trust.
EDENS will obtain all its outstanding common stock shares at $26.55 per share, with a total value of around $763m.

The transaction received the unanimous approval of the Board of Directors of AmREIT.  It represents an almost 40% premium over the closing stock price as at July 9, 2014, which was the last trading day before the disclosure of a proposal from Regency Centers Corporation, with a premium of 21% over the proposal of $22 per share.

The Chairman and CEO, Kerr Taylor, expressed his pleasure with the Board for conducting a detailed strategic review and sale process, with the assistance of legal and financial advisors, which resulted in a substantial premium for its stockholders by the sale to EDENS.

EDENS is known as a leading national retail real estate developer and owner, boasting a 48-year track record of enrichment in the communities it serves.  EDENS owns a portfolio of leading urban retail centers, to the value of $4.2bn.

The transaction is due to be completed during the first quarter of 2015.  It is contingent upon closing conditions and approval from the stockholders at AmREIT.  The stockholders are due to vote on this transaction at a special meeting, the date of which is yet to be announced.  The contract is not subject to financing by EDENS.

The financial advisor to AmREIT was Jefferies LLC and AmREIT’s legal advisors included Venable LLP and Morrison & Foerster LLP.  The financial advisor to EDENS was Goldman, Sachs & Co, and legal advisor to EDENS was King & Spalding LLP.

AmREIT is due to release its third quarter 2014 results on November 4 at 8am ET.  It will not host a conference call for investors and analysts to discuss the financial results, in light of their announcement today.


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