Possible Buyout for Post Properties
- Jan 30, 2008
Atlanta–Real estate investment trust (REIT) Post Properties, based in Atlanta, has received a buyout offer from Cadim and Williams Realty Advisors LLC, a group that includes John Williams, Post’s founder and former CEO.Post Properties said the group offered $44 to $47 a share in cash. Post has 43.71 million shares outstanding, making the deal worth between $1.92 billion and $2.05 billion. Post has been the subject of numerous offers over the past three or four years but has declined to sell.Cadim is a unit of Caisse de dépôt et placement du Québec, the pension fund for the Canadian province of Quebec and Williams Realty is controlled by Williams.“In light of the board’s decision to conduct a process and not enter into discussions with only one party, the board at this time has made no determination as to the adequacy of the Cadim/Williams proposal,” David Stockert, CEO of Post said in a statement.Post Properties owns 22,249 apartment homes in 62 communities.J. P. Morgan Securities, Inc. is acting as the Company’s financial advisor and King & Spalding LLP and Skadden, Arps, Slate, Meagher & Flom LLP are acting as the Company’s legal advisors.