Feb. 13, 2008, has just been chosen for a special meeting for American Financial Realty Trust and Gramercy Capital Corp. shareholders regarding Gramercy's plan to acquire American Financial for $3.4 billion.
Both companies will court shareholders at the respective meetings for approval of the merger which, if all goes as anticipated, could close in March of next year. As per terms of the proposal, announced on Nov. 5, Gramercy would purchase American Financial for $5.50 per share of American Financial common stock, in addition to the assumption of existing debt.
For Gramercy, completion of the transaction will transform the company from a pure specialty finance company to a diversified entity with business lines involving commercial real estate finance and property investments. The deal would add an aggregate 27 million square feet of commercial real estate in 37 states to Gramercy's list of holdings.
It's been a busy year for Gramercy. In August the company closed a $1.1 billion commercial real estate collateralized debt obligation despite turmoil in the financial market.
Based in New York City, Gramercy is a commercial real estate specialty finance company. American Financial is a REIT that acquires properties from and leases properties to, regulated financial institutions.
Gramercy stock opened at $26.25 today, while American Financial stock opened at $8.18.
source: commercialpropertynews.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment