Monmouth 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 about 11% higher than Thursday’s close.