This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

BRE Properties Shareholders Approve Strategic Combination With Essex Property Trust, Inc.

Stocks in this article: BRE

BRE Properties (NYSE: BRE) today announced that at the special meeting of BRE Properties shareholders held today, shareholders of BRE have approved the merger, pursuant to the Merger Agreement, dated December 19, 2013 (the “Merger Agreement”), by and among BRE, Essex Property Trust, Inc. (“Essex”) and BEX Portfolio, Inc., a direct wholly owned subsidiary of Essex formerly known as Bronco Acquisition Sub, Inc. (“Merger Sub”), of BRE with and into Merger Sub. The transaction was unanimously approved by both companies’ Boards of Directors prior to signing the Merger Agreement.

Approximately 79.0% of the outstanding shares of BRE common stock voted with respect to the proposed merger and of those outstanding shares that voted, approximately 99.3% voted in favor of the merger.

Subject to the satisfaction or waiver of the remaining conditions to the closing of the merger set forth in the Merger Agreement, the proposed merger is expected to close on Tuesday, April 1, 2014. At the effective time of the merger, each share of BRE common stock will be converted into (i) 0.2971 shares of Essex common stock and (ii) $12.33 in cash, without interest, subject to adjustment, in the event of the payment of a special distribution to the shareholders of BRE of record as of the close of business on the last business day preceding the effective time of the merger. As previously announced, BRE’s Board of Directors declared a special distribution of $5.15 per share of BRE common stock payable to BRE shareholders of record as of the close of business on the last business day preceding the effective time of the merger (the “Special Dividend”). The Special Dividend is conditioned upon the closing of the sale of certain interests in assets of BRE to certain parties designated by Essex, which are expected to occur on the business day prior to the closing of the merger. Pursuant to the terms of the Merger Agreement, the amounts distributed as a Special Dividend will reduce the cash consideration payable by Essex in the merger. Assuming the Special Dividend of $5.15 is paid, then the cash consideration payable by Essex in the merger will be $7.18 in cash, without interest.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs