Keep hope alive on MPG buyout. Hopefuuly we'll have competition between Maguire and Brookfield.
Post Properties, Inc. to Explore Possible Business Combination 2008-01-23 12:22 (New York)
ATLANTA--(BUSINESS WIRE)--January 23, 2008 Post Properties, Inc. (NYSE:PPS - News) today announced that its Board of Directors has authorized management to initiate a formal process to pursue a possible business combination and to seek proposals from potentially interested parties.
The Company also stated that it has received an unsolicited written proposal from Cadim and Williams Realty Advisors, LLC to acquire all of the Company's outstanding common shares at a price range of $44 to $47 per share in cash. Cadim is a division of Caisse de depot et placement du Quebec; Williams Realty is controlled by John A. Williams, former chairman and chief executive officer of Post Properties. The proposal states that it is subject to a due diligence condition, but is not subject to any financing contingencies. The Cadim/Williams group will be invited to participate in the formal process being initiated by the Company.
Funny, no firm offer, just a written "proposal" that Cadim can renounce at any time based on any number of contingencies. Didn't we learn this lesson when the Wall Street Journal "leaked" a story about Maguire taking a run at the company that bears his name? Cadim could've sold their PPS positions in the open market or even gone short. The stock sure met some resistance and never even made it to the lower range of their "proposal" I've got a proposal for them...stop manipulating the market for your own greedy benefit.