Brandywine Realty to Buy Prentiss

Brandywine Realty Trust (BDN Quote) said Monday that it will acquire fellow real estate investment trust Prentiss Properties Trust (PP Quote) in a transaction valued at about $3.3 billion.

The merger will make Brandywine, based in Plymouth Meeting, Pa., one of the larger owners of office and industrial properties in the country.

Prentiss shareholders will receive roughly $43 a share, representing a 5.9% premium to Friday's closing price of $40.60. Prentiss holders will receive $21.50 a share in cash and 0.690 Brandywine common shares for each share they hold, on the basis of a Brandywine share price of $31.16. ...