Inland Real Estate to Be Taken Private
December 15 2015 - 9:00AM
Dow Jones News
Inland Real Estate Corp. said Tuesday it reached an agreement to
be taken private by real-estate funds managed by DRA Advisors LLC
in a $1.07 billion deal.
Funds managed by DRA will acquire IRC, a shopping-center
real-estate investment trust, for $10.60 a share in cash, a 6.6%
premium over Monday's closing price.
"The board has been focused on the options available to address
the long-term discount at which the company's shares have traded
versus private-market valuations and its shopping center REIT
peers," said IRC Chairman Thomas P. D'Arcy.
IRC shares have mostly held below $10 since 2009's bottom, after
climbing above $20 during the real estate bubble.
The company valued the deal at $2.3 billion, including the
assumption of existing debt. IRC said the agreement ends a process
of "extensive discussions with other potential strategic and
financial buyers."
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
December 15, 2015 08:45 ET (13:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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