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| Spirit Finance endorses Macquarie deal  US real estate trust Spirit Finance Corp announced that it has entered into a definitive merger agreement under which a consortium including Australia-based Macquarie Bank Limited, Kaupthing Bank hf., one of the largest Northern European banks and is the largest bank in Iceland, and other independent equity participants will acquire Spirit Finance in a transaction valued at approximately $3.5 billion, including approximately $1.9 billion of assumed debt.The consortium will acquire all of the outstanding shares of Spirit Finance common stock for $14.50 per share in cash. This represents a premium of approximately 15% over Spirit Finance's 90 day average closing share price and an 11% premium over Spirit Finance's closing price on March 12, 2007. Macquarie-led consortium has also agreed to purchase 6,150,000 newly issued shares of Spirit Finance common stock at $12.99 per share. The transaction is expected to close by the end of the third quarter of 2007. write your comments about the article :: © 2007 Construction News :: home page |