Trustreet Properties (TSY), a restaurant real estate investment trust, has agreed to be acquired by General Electric's (GE) Capital Solutions unit in a $3 billion deal.
The total value reflects the assumption or refinancing of Trustreet's debt. As for the equity, Trustreet is being valued at $17.05 a share. The transaction should close during the first quarter of 2007. Shares of Trustreet have a 52-week high of $15.85 and closed Friday at $12.51. Following news of the takeover, the stock jumped nearly 35% to $16.85 early Monday. Trustreet's customers include Wendy's, Burger King, Jack-In-The-Box, Arby's, Denny's and Pizza Hut franchisees. Trustreet's board unanimously approved the acquisition and recommended that shareholders vote for the purchase.- Loading Comments...
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