Columbia Property Trust Commences Tender Offer to Purchase up to $300M Shares
Columbia Property Trust (NYSE: CXP) today announced that it has commenced a modified “Dutch Auction” tender offer to purchase for cash up to $300 million in value of its shares of common stock. In accordance with the terms of the Offer to Purchase and Letter of Transmittal, the Company will select the lowest price, not greater than $25.00 nor less than $22.00 per share, net to seller in cash, less any applicable withholding taxes and without interest, that will enable the Company to purchase the maximum number of shares of common stock having an aggregate purchase price not exceeding $300 million. The Company expects to fund the tender offer with cash on hand and/or borrowings available under its existing unsecured revolving credit facility.
The tender offer will expire at 11:59 p.m., New York City Time, on November 8, 2013, unless the tender offer is extended or withdrawn. Stockholders may tender all or a portion of their shares of common stock – and may also choose not to tender any of their shares of common stock – by following the procedures, including choosing the price or prices at which they wish to tender their shares of common stock, described in the Offer to Purchase, the Letter of Transmittal and other documents related to the tender offer.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.