LNR Property Corp., Miami Beach, Fla., a real estate financing and development company, is being acquired by Riley Property Holdings for a total consideration of about $3.8 billion, including the assumption of debt.LNR shareholders are to receive $63.10 per share in cash compensation, LNR said. LNR chairman Stuart A. Miller and his family are also exchanging a part of their shareholding for about a 20.4% interest in Riley, which is majority-owned by affiliates of Cerberus Capital Management and its real estate affiliate, Blackacre Institutional Capital Management. The merger agreement permits LNR to consider other "unsolicited proposals," according to LNR. The approval of LNR shareholders is required for the transaction to close.
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