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REIT Bidding War Emerges

Stock quotes in this article: TCT , ESS , MS  

The Town & Country Trust (TCT Quote) has found itself in the middle of a three-way bidding war for its portfolio of apartments located on the East Coast.

The real estate investment trust already agreed in December to be bought out by a joint venture of Morgan Stanley (MS Quote) and Onex Real Estate for $33.90 a share in cash, which represented a 13.8% premium over Town and Country's closing price at the time.

But on Thursday morning, a partnership consisting of Essex Property Trust (ESS Quote), UBS Wealth Management and AEW Capital submitted a definitive offer to buy Town & Country for $36 a share. ...

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