American Land Lease Inc., a real estate investment trust, said it agreed to be acquired by affiliates of Chicago-based private-equity investment firm Green Courte Partners LLC for $14.20 a share in cash — a 264 percent premium to the stock’s closing price on Tuesday.
The deal, valued at $438 million, including debt and preferred stock, would double the size of Green Courte Partners’ portfolio.
“We are very excited to add American Land Lease’s professional management team and high-quality manufactured housing community investments to our existing business,” Green Courte Partners Chairman Randy Rowe said in a release.
American Land Lease expects Green Courte Partners, affiliates of Green Courte Partners LLC, to commence a tender offer before Dec. 23 for all outstanding shares.
Shares of the company jumped 240 percent to $13.25, before paring some gains to trade up $8.60 at $12.70 Wednesday morning.
Clearwater, Fla.-based American Land Lease said its board had approved the deal and completion was not contingent on receipt of financing by Green Courte Partners.
Wachovia Capital Markets advised American Land Lease on the deal.
The company’s stock, which touched a 52-week low of $1.85 late last month, was the biggest percentage gainer on the New York Stock Exchange.
Source: Chicago Real Estate Daily
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