Industrial Logistics Buys Monmouth, Blackwells Approves
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Read MoreTables Turn in Zell-Portnoy Battle for REIT Supremacy
In 2014, the Portnoy real estate empire faced a stunning defeat when an activist investor and property mogul Sam Zell took over the board of CommonWealth REIT. That year Keith Meister’s activist fund Corvex Management LP and investor Related Fund Management LLC replaced Commonwealth REIT’s directors, ousting Adam Portnoy and his father, Barry, from the board and installing Zell as…
Read MoreMonmouth Agrees to $4 Billion Takeover After Rejecting Zell
Industrial Logistics Properties Trust agreed to acquire Monmouth Real Estate Investment Corp. for about $4 billion after Monmouth in August rejected a $2.8 billion offer from Sam Zell. ILPT will pay $21 a share, according to a statement Friday. The transaction, which includes debt and other costs, gives Monmouth an equity value of $2.06 billion, according to Bloomberg calculations, and is priced…
Read MoreIndustrial Logistics Properties Trust Plans to Buy Monmouth Real Estate in $4 Billion Deal
Industrial Logistics Properties Trust (Nasdaq: ILPT) said Nov.5 it has agreed to purchase Monmouth Real Estate Investment Corp. (NYSE: MNR) in an all-cash transaction valued at approximately $4 billion, including debt. The transaction is expected to close in the first half of 2022. Earlier this year, Equity Commonwealth (NYSE: EQC) said it would acquire Monmouth…
Read MoreBlackwells Comments on Results of Monmouth Real Estate Investment Corp. Special Meeting
NEW YORK, Sept. 10, 2021 (GLOBE NEWSWIRE) — Blackwells Capital LLC (together with its affiliates “Blackwells”), an alternative investment management firm owning 4.36% of the common stock of Monmouth Real Estate Investment Corporation (NYSE: MNR) (“Monmouth” or the “Company”), today commented on the results of the Special Meeting of Monmouth Shareholders in which Monmouth shareholders…
Read MoreMonmouth Holders Reject Bid from Zell’s Equity Commonwealth
Sam Zell’s offer to buy Monmouth Real Estate Investment Corp. for $2.8 billion, including debt, was rejected at a special meeting of shareholders Tuesday. Monmouth said in a statement that the preliminary figures show Zell’s Equity Commonwealth fell short of the necessary support to proceed with the transaction, confirming an earlier report by Bloomberg News. Zell’s firm had been competing in…
Read MoreBlackwells Opposes Sweetened EQC-Monmouth Merger
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Read MoreInvestor Blackwells Comes Out Against Sam Zell’s Acquisition of Monmouth
Even after sweetening the deal and beating out Barry Sternlicht, Sam Zell’s acquisition of industrial giant Monmouth Real Estate Investment Corporation faces another snag. Monmouth investor Blackwells Capital — which unsuccessfully tried to buy Monmouth earlier this year — announced Tuesday night that it still opposes the takeover of Monmouth by Zell’s Equity Commonwealth, arguing…
Read MoreBlackwells Capital Issues Presentation on Monmouth Equity Commonwealth Merger Highlighting That EQC is Now Offering Even Less Consideration for a More Valuable Monmouth
Zell’s New Takeover Terms for Monmouth Opposed by Blackwells
Blackwells Capital has come out against the sweetened terms of a proposed takeover of Monmouth Real Estate Investment Corp. by Sam Zell’s Equity Commonwealth. Equity Commonwealth bumped up its bid for the industrial real estate company Monday to about $3.4 billion, including debt. Under the revised terms, investors could opt for $19 in cash or 0.713 of an Equity Commonwealth share…
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