Shares of Monogram Residential Trust Inc. rocketed 21% toward a record high in premarket trade Wednesday, after the real estate investment trust announced over the holiday that it will be acquired by a fund led by Greystar Real Estate Partners in a deal valued at $3 billion. Under terms of the deal, the Greystar led fund will pay $12 in cash for each Monogram share outstanding, a 22% premium to Monday's closing price of $9.80, and 11% above the Dec. 30, 2016 record close of $10.82. The stock began trading in November 2014. The acquisition is expected to close during the second half of 2017. "We are pleased to have reached this agreement, which maximizes value at a substantial premium to our existing share price," said Monogram Chairman Alan Patton. "We are confident that today's announcement represents the best path forward for all of Monogram's stockholders." Monogram's stock had lost 9.4% year to date through Monday, while the SPDR Real Estate Select Sector ETF had gained 5.7% and the S&P 500 had climbed 8.5%.
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