27 Feb 2017

Silver Bay Realty Trust Corp. Acquisition by Tricon Capital Group Inc

Morrow Sodali

Silver Bay Realty Trust Corp. (NYSE:SBY), a single-family rental real estate investment trust (“REIT”), announced that its Board of Directors has unanimously approved and Silver Bay has entered into a definitive agreement pursuant to which Tricon Capital Group Inc. will acquire Silver Bay in a transaction valued at approximately $1.4 billion. Silver Bay’s stockholders will receive $21.50 per share in cash for each outstanding share of common stock held immediately prior to the closing of the transaction. This purchase price represents a 19% premium to Silver Bay’s closing price on February 24, 2017 of $18.01 and a 24% premium to the stock’s 90 day trailing average price as of February 24, 2017. In addition, Tricon Capital Group Inc. will assume or repay a total of approximately $600.0 million of Silver Bay’s debt (net of cash on hand).

Morrow Sodali is serving as the proxy solicitor for Silver Bay Realty

Topics

Mergers and Acquisitions Recent Deals and Transactions USA