TCT Acquisition Battle Heats Up

The battle for the acquisition of the Town and Country Trust, a Baltimore-based real estate investment trust, is heating up.The multifamily REIT has reported receiving a revised offer from Oriole Partnership, and Magazine Acquisition has also upped the ante. The offer from Oriole Partnership has been raised to $39.50 per share/operating partnership unit of TCT, as well as a prorata dividend payment per share/OPU, while Magazine Acquisition has increased its offer to $39.00 per TCT share/OPU plus a prorata dividend payment. The REIT reported that its board of trustees has determined that the Oriole Partnership revised offer is a "superior transaction." Magazine Acquisition has until Feb. 13 to match the Oriole offer before the TCT board can change its recommendation relating to a previous merger agreement with Magazine Acquisition. The REIT can be found online at http://www.tctrust.com.