$5.2B All-Cash Takeover of LXP Industrial Trust by Brookfield and CPP Investments
LXP sits 53% above its 52-week low of $38.2.
Summary
Brookfield and CPP Investments are acquiring LXP Industrial Trust in a $5.2 billion all-cash deal at $61.20 per share, a premium to LXP's recent trading price near its 52-week high of $59 and above its Friday close of $58.51. The definitive agreement includes a 40-day 'go-shop' period and will take the REIT private, providing immediate and certain value to shareholders. The transaction follows LXP's improved operational performance and raised FFO guidance in June, suggesting the bidders see long-term value in the industrial property portfolio. The deal is subject to shareholder and regulatory approvals, with closing expected in the coming months.
At the time of this announcement, LXP was trading at $58.50 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.4B. The 52-week trading range was $38.20 to $59.00. This news item was assessed with positive market sentiment and an importance score of 10 out of 10. Source: Dow Jones Newswires.