AG Cuomo/Mr Frank- Interested in the Commercial Real Estate Fraud?
Please investigate this: (NYSE: CEI) has finally found a buyer!!!! Morgan Stanley? May 2007?
May 22, 2007
Morgan Stanley Grabs Crescent in $6.5B Deal
Move Underscores Continued Momentum for REIT Take-Private Deals and Private Equity Boom
Crescent Real Estate Equities Co. (NYSE: CEI) has finally found a buyer, and one that seems to like its mixed-use approach. Morgan Stanley Real Estate has agreed to acquire the Fort Worth, Texas-based REIT for a deal that totals $6.5 billion, including the assumption of debt.
Crescent, a mixed-use REIT owned by Texas billionaire Richard Rainwater, was in the midst of morphing itself into a pure-play office REIT. After evaluating its strategic options, the company came to the conclusion that it could "take advantage of the void left by rabid industry consolidation" as a remade office REIT. More likely, it was positioning itself better for an outright sale.
Morgan Stanley will pay $22.80 per share in cash for the REIT, which represents a 12% premium to the prior 30-day average closing price for the stock. But, the premium shrinks to just 5.4% above yesterday's close of $21.62 per share.
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