Oriole Partnership LLC, Palo Alto, Calif., has proposed to acquire all outstanding common shares of The Town and Country Trust, a Baltimore-based real estate investment trust whose board has already recommended a merger agreement proposed by another company.Oriole said its proposal provides for the payment of $36 per share, plus a pro-rata payment tied to TCT's regular quarterly dividend, in an all-cash transaction. Oriole is a joint venture of Essex Property Trust Inc., UBS Wealth Management - North American Property Fund Ltd., and AEW Oriole Co-Investment LLC. TCT also reported the Oriole offer, but said its board continues to recommend an existing merger offer from Magazine Acquisition for $33.90 per share. Magazine Acquisition, a joint venture formed by affiliates of Morgan Stanley Real Estate and Onex Real Estate, has the right to match any superior offer before TCT's board can change its recommendation or terminate the merger agreement, the multifamily REIT said. The companies can be found online at http://www.tctrust.com and http://www.essexpropertytrust.com.
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