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Columbia Property to pay $234M to buy some shares

ATLANTA (AP) -- Columbia Property Trust will pay about $234 million to buy back about 9.4 million shares under a modified Dutch auction tender offer.

The payment excludes fees and expenses related to the tender offer.

In a Dutch auction, shareholders can decide how many shares they want to sell and at what price, within a specified range. The company then determines the lowest per-share price within the range that lets it buy the amount of shares that it wants.

Columbia Property Trust Inc., a real estate investment trust that focuses on commercial office properties, said Monday that it will pay $25 per share.

The approximately 9.4 million shares represent about 7 percent of Columbia's outstanding stock. The company said it will have about 124.8 million outstanding shares once the tender offer is settled.