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(Sharecast News) - Veris Residential said on Monday that it has agreed to be bought by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners, in a $3.4bn deal.
Under the terms of the transaction, the consortium will pay $19 per share in cash, which is a 23.2% premium to Veris' unaffected closing share price on 4 February.
Tammy K. Jones, chair of Veris' board of directors, said: "Since the reconstitution of the board in 2020, Veris has undergone a remarkable transformation into a sector-leading, pure-play multifamily REIT. Throughout this period, the board has remained focused on enhancing value for shareholders, executing on initiatives that drive operational improvements while divesting non-strategic assets.
"After a comprehensive review process conducted with independent financial and legal advisors, the board unanimously determined the all-cash transaction delivers compelling value and certainty to shareholders with an immediate cash premium."
At 1405 GMT, Veris shares were up 12.5% in pre-market trade at $18.87.
Veris Residential is a real estate investment trust (REIT) that primarily owns, operates, acquires and develops premier Class A multifamily properties in the Northeast of the US.
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