Earlier this week, American Land Lease Inc (ANL.N:)a real estate investment trust, agreed to be acquired by private equity investment firm Green Courte Partners LLC for $14.20 a share in cash – roughly a 200% percent premium to the stock’s closing price on Tuesday. Green Courte will acquire the company for $438 million, including assumption of debt and preferred stock.
The transaction has been approved by the board of directors of ANL and is not contingent on receipt of financing by Green Courte Partners. The tender offer is subject to certain conditions, including a minimum tender condition that Green Courte Partners acquire sufficient shares that will result in it owning at least 88% of the outstanding shares of ANL common stock. Senior Management of ANL, who collectively own 12% of ANL’s outstanding common stock, have commited to tender their shares as part of the transaction.
The company expects the transaction to close in the first quarter of 2009. Wachovia Capital Markets, LLC served as exclusive financial advisor to ANL, while Skadden, Arps, Slate, Meagher & Flom LLP and Hill Ward Henderson served as legal counsel to ANL in connection with the transaction. DLA Piper LLP (US) served as legal counsel to Green Courte Partners in connection with the transaction.
American Land Lease, Inc. is a Clearwater, Florida-based real estate investment trust that owns, develops and manages residential land lease communities primarily serving active adults. With over 10,000 home sites in 30 communities located primarily in Florida, Arizona and Alabama. For more information, visit . Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused primarily on the ownership and operation of manufactured housing communities, retail and mixed-use properties, and parking assets.
For the full press release, click here.