Mag Acquisition Wins Bid War for TCT

Magazine Acquisition has won a bidding war against Oriole Partnership for The Town and Country Trust, Baltimore, with an offer of $40.20 per common share and operating partnership unit of TCT, plus a payment of prorata dividends on TCT's shares/OPUs.Magazine Acquisition -- a joint venture between affiliates of Morgan Stanley RE, Onex RE, and Sawyer Realty Holdings -- was forced to hike its bid from its initial offer of $33.90 per TCT share/OPU, plus a prorata payment of dividends, after Oriole emerged as a rival. (Oriole is a joint venture between Essex Property Trust, UBS Wealth Management, North American Property Fund, and AEW Oriole Co-Investment.) TCT, a multifamily real estate investment trust, says it has entered into an amended merger agreement with Magazine Acquisition that has been approved by the TCT board of trustees. The board is recommending that shareholders vote in favor of the merger at a March 9 meeting. TCT can be found online at http://www.tctrust.com.