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id: 707, Created by Stan Vick, Scout
INDUS Realty Trust (INDT) M&A Case
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On February 22, 2023, INDUS Realty Trust, Inc. (Nasdaq: INDT) announced it entered into a definitive merger agreement under which affiliates of Centerbridge Partners, L.P., a leading global private investment firm with deep experience in real estate, and GIC Real Estate, Inc., a global institutional investor, will acquire all of the outstanding shares of the Company in an all-cash transaction valued at approximately $868 million.
- The transaction was unanimously approved by the participating members of INDUS’ Board of Directors.
- Under the terms of the merger agreement, upon the closing of the transaction, INDUS stockholders will receive $67.00 per share in cash, subject to certain adjustments as set forth therein.
- The transaction represents a premium of 17% to the Company’s unaffected stock price on November 25, 2022, the date of Centerbridge’s initial public announcement that it intended to make a takeover offer with GIC to acquire INDUS.
Investors of $INDT may have reasons to suspect that the pricing terms of the M&A transaction are unfair and that the Company BoD breached fiduciary duties to shareholders.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
22 February 2023