City Office REIT, Inc. (CIO) Thursday said it has agreed to be acquired by MCME Carell Holdings, LP and MCME Carell Holdings, LLC for about $1.1 billion in cash. Following the news, the company's shares were more than 23% up in pre-market.
As per the deal, City Office's shareholders will receive $7 per share, a 26% premium to the company's closing share price on the last trading day prior to the announcement of the transaction. Upon closing, which is expected in the fourth quarter of this year, the company's 6.625% Series A Cumulative Preferred Stockholders will receive $25.00 per share plus unpaid distributions.
City Office REIT stock had closed at $5.56, up 1.28% on Wednesday. It has traded in the range of $4.19 - $6.50 in the last 1 year.
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