Tricon Residential Shareholders To Vote On Blackstone's Takeover Deal
By Sabela Ojea
Tricon Residential said its shareholders will be voting for the company to become a private company after it entered into a takeover agreement with Blackstone.
The Canadian real estate company on Friday said that the Ontario Superior Court of Justice granted an interim order that authorizes it to hold a special shareholders meeting on March 28.
The transaction is expected to be completed in the second quarter of the year.
On Jan. 19, Blackstone said it would acquire all Tricon's outstanding common shares for $11.25 per share each, representing a premium of 30% to its closing price on the prior day.
Under Blackstone's ownership, Tricon plans to complete its $1 billion development pipeline of new single-family rental homes in the U.S. and $2.5 billion of new apartments in Canada.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 16, 2024 18:50 ET (23:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy