TCT Acquisition Fight Still Going Strong

The battle for the acquisition of The Town and Country Trust, a Baltimore-based real estate investment trust, is still going strong, with both Magazine Acquisition and Oriole Partnership hiking their bids.TCT has determined that the Oriole Partnership's revised offer is the better one, the multifamily REIT said. Magazine Acquisition has upped its offer to $39.60 per TCT share/operating partnership unit, as well as a prorata payment of dividends, from its previous offer of $39.00 per TCT share/OPU and a prorata payment. Oriole has bettered Magazine by making an offer of $40.15 per TCT share/OPU, plus a prorata dividend payment. Under the terms of an existing merger agreement between TCT and Magazine Acquisition, Magazine has until Feb. 16 to match the Oriole offer. TCT shares closed at $41.05 on Feb. 13. The REIT can be found online at http://www.tctrust.com.