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Post Properties Bid Bodes Well for REITs
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Shares of apartment owner Post Properties(PPS Quote) surged 18% after the company said it received a buyout bid from its former chairman and a Canadian pension fund.
Post Properties, which owns 62 apartment properties across Texas and the Southeast U.S., has been the subject of buyout speculation for over a year now. On Wednesday, the firm said it received a proposal to be acquired at $44 to $47 per share in cash.
The bidders are Cadim, a division of Caisse de depot et placement due Quebec, and Williams Realty, which is controlled by Post's former chairman John Williams. ...
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