TCT Receives 3rd M&A Offer

In addition to a merger offer from Magazine Acquisition and a competing offer from Oriole Partnership, the Town and Country Trust has received a third acquisition offer from Berkshire Property Advisors.TCT, a Baltimore-based multifamily real estate investment trust, said Berkshire has sent an unsolicited proposal to acquire the REIT at $37 per share/operating partnership unit, as well as a prorata payment of TCT's dividends. Meanwhile, TCT's board has determined that the Oriole offer of $36 per share/OPU, plus the payment of prorated dividend, is superior to the Magazine offer of $33.90 per share/OPU. Magazine Acquisition has until Feb. 7 to match Oriole's offer before the TCT board can change its mind about the Magazine offer. In response to this development, Morgan Stanley Real Estate and Onex RE, which constitute the Magazine Acquisition group, said, "We are currently reviewing our options, and we expect to make further announcements as appropriate." TCT and Berkshire can be found online at http://www.tctrust.com and http://www.berkshire-group.com.