Capital Automotive REIT
agreed to be acquired by clients advised by DRA Advisors for $38.75 a share, a premium of about 9% to the stock's last closing price.
Based on Capital having about 55.5 million shares outstanding on a diluted basis as of June 30, the purchase is valued at roughly $2.15 billion. The total transaction value is around $3.4 billion, including the assumption of debt and preferred shares.
The acquisition should close in late 2005 or early 2006.
Capital, a real estate investment trust that buys property used by auto dealers, is based in McLean, Va. DRA Advisors is a New York-based registered investment adviser specializing in real estate investment management services for institutional and private investors.
Capital has traded in a range of $29.83 to $40.42 in the last 52 weeks.