Indus Realty Trust jumps on unsolicited buyout bid

Indus Realty Trust

28/11/2022 18:32

(Updates stock activity, adds Baird analyst commentary)
    ** Shares of Indus Realty Trust Inc  INDT.O  up 12.4% at
$64.37 on Mon after industrial-REIT gets buyout bid
    ** Shares rise as high as $64.63, over 3-month high, and on
course for biggest one-day pct gain since March 2020
    ** Co received unsolicited, non-binding proposal from
private investment firm Centerbridge Partners, current owner of
about 14.8% of its common stock  urn:newsml:reuters.com:*:nBw9fwLkya
    ** INDT says Centerbridge and GIC Real Estate to acquire all
of outstanding shares for $65/sh in cash
    ** Baird ("outperform" rating, $61 PT) says it believes the
bid is a starting point for additional discussions and does not
anticipate INDT will sell at $65/sh
    ** "While the market has clearly changed in recent months
regarding the value of investment sales transactions, INDT's
well-funded business, clear growth trajectory and overhead
designed to support future growth are not fully reflected in
this offer," Baird analyst David Rodgers wrote in note
    ** Through Fri close, INDT shares had fallen ~29% for ~$584
mln market cap, per Refinitiv data. At current levels, shares
valued at ~$656 mln
 (Reporting by Priyamvada C and Lance Tupper)
Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((Priyamvada.c@thomsonreuters.com))