EdR To Be Acquired By Greystar-Led Fund In $4.6 Bln Deal - Quick Facts

(RTTNews) - EdR (EDR) announced a definitive merger agreement to be acquired by a newly-formed, perpetual-life fund, Greystar Student Housing Growth and Income Fund, LP, an affiliate of Greystar Real Estate Partners, in an all-cash transaction valued at approximately $4.6 billion, including debt to be assumed or refinanced. EdR's stockholders will receive $41.50 per share in cash.

The transaction, which is currently expected to close in the second half of 2018, is subject to customary closing conditions, including the approval of EdR's stockholders.

EdR will discontinue its regular quarterly dividends. If the transaction is completed after October 15, 2018, EdR stockholders will receive a per diem amount of approximately $0.00435 per share for each day from October 15, 2018 until the closing date.

EdR said it does not expect to issue a second quarter earnings release or host a conference call and webcast to discuss its financial results for the quarter ended June 30, 2018.