Cousins Properties Inc. and Tier REIT Inc. announced Monday a merger deal, creating a office real estate investment trust with a combined equity market capitalization of about $5.9 billion. The stocks are still inactive in premarket trade. Under terms of the 100% stock deal, Cousins will exchange 2.98 shares of newly issued shares for each Tier stock outstanding. Based on Friday's closing prices, that values Tier shares at $29.44 each, a 15.6% premium. The deal is expected to close in the third quarter of 2019, at which time Cousins shareholders will own 72% of the combined company and Tier stockholders will own 28%. The companies expect annual net savings of $18.5 million after closing. "The company will own an unmatched portfolio of trophy office properties in the premier submarkets of Atlanta, Austin, Charlotte, Dallas, Phoenix and Tampa," said Cousins Chief Executive Colin Connolly. Cousins's stock has rallied 18.9% over the past 12 months and Tier shares have soared 42.0%, while the SPDR Real Estate Select Sector ETF has climbed 19.1% and the S&P 500 has gained 8.2%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple debuts new iPad Air and iPad mini, which work with Apple Pencil stylusApple debuted a new mid-tier iPad with a larger screen and introduced the first iPad mini update since 2015 — a week before it rolls out a media and entertainment bundle designed to compete with Netflix.
Read more »
'Ticket to the club': Why some families go after elite, selective schoolsAmerica's most selective, prestigious universities tout their rigorous academic programs, top-tier faculty, lush campuses and world-class resources. But for some families, according to one professional college counselor, the choice comes down to logos.
Read more »
$930 billion Nuveen’s head of private markets is retiring amid ‘challenges’ to the asset management businessIn a Thursday memo to employees, Jose Minaya, Nuveen's chief investment officer, said private markets head Heather Davis would retire.
Read more »
Biogen scraps Alzheimer drug trials, wiping $17 billion off its market valueReuters - Biogen and partner Eisai Co Ltd are ending two late-stage trials for t...
Read more »
Biogen scraps two Alzheimer drug trials, wipes $18 billion from market valueBiogen Inc and partner Eisai Co Ltd are ending two late-stage trials of their ex...
Read more »
Google announces Stadia streaming game platform in effort to upend the $140 billion game marketGoogle unveiled its streaming game service called Stadia on Tuesday which won't require people to buy expensive game consoles or computers to play the latest video games.
Read more »
Super fast travel using outer space could be $20 billion market, disrupting airlines, UBS predictsUBS believes there will be very lucrative ramifications from the spaceflight efforts currently led by Virgin Galactic, SpaceX and Blue Origin.
Read more »
Boeing has lost $40 billion-plus in market value since Ethiopia crashBoeing is having a horrible month.
Read more »
Digital media companies Group Nine Media and Refinery29 are said to be in talks to mergeBoth companies are seeking to diversify away from advertising, which has been harder to come by as most of the digital ad dollars are going to Google and Facebook.
Read more »