Essex Property Bids For BRE Properties

(RTTNews) - Essex Property Trust, Inc. (ESS) said Monday that it has made a non-binding proposal to acquire BRE Properties, Inc. (BRE) in a negotiated strategic business combination.

Under the proposal, each outstanding share of BRE common stock would be exchanged for 0.2971 shares of Essex common stock and $12.33 in cash. The companies are currently engaged in talks and have agreed to an exclusivity period.

While confirming the news separately, BRE Properties said its Board of Directors had been in an ongoing process of exploring strategic alternatives, including a possible sale or merger of the company, to enhance shareholder value.