Brief: Blackstone Real Estate To Take Tricon Residential Private

Tricon Residential

19/01/2024 13:52

Jan 19 (Reuters) - Tricon Residential Inc  TCN.TO :
    * BLACKSTONE REAL ESTATE TO TAKE TRICON RESIDENTIAL PRIVATE
    * TRICON RESIDENTIAL INC: PROPOSED DEAL FOR FOR $11.25
(APPROXIMATELY C$15.17) PER COMMON SHARE
    * TRICON RESIDENTIAL INC - BREIT WILL MAINTAIN ITS
APPROXIMATELY
11% OWNERSHIP STAKE POST-CLOSING
    * TRICON RESIDENTIAL INC - AS PART OF DEAL, TRICON HAS
AGREED THAT
ITS REGULAR QUARTERLY DIVIDEND DURING PENDENCY OF TRANSACTION
WILL NOT BE DECLARED
    * TRICON RESIDENTIAL INC - UNDER BLACKSTONE'S OWNERSHIP, CO
PLANS
TO COMPLETE ITS $1 BILLION DEVELOPMENT PIPELINE OF NEW
SINGLE-FAMILY RENTAL HOMES IN U.S.
    * TRICON RESIDENTIAL INC -  AS PART OF TRANSACTION,
COMPANY'S
DIVIDEND REINVESTMENT PLAN WILL BE SUSPENDED
    * TRICON RESIDENTIAL INC - IF ARRANGEMENT AGREEMENT IS
TERMINATED,
TRICON INTENDS TO RESUME DECLARING AND PAYING REGULAR QUARTERLY
DISTRIBUTIONS
    * TRICON RESIDENTIAL INC: PROPOSED DEAL FOR $3.5 BILLION
EQUITY
TRANSACTION VALUE
    * TRICON RESIDENTIAL INC: IN CERTAIN CIRCUMSTANCES,
BLACKSTONE
REQUIRED TO PAY A $526 MILLION REVERSE TERMINATION FEE TO CO
UPON TERMINATION OF AGREEMENT

Source text for Eikon:  ID:nBw4MQ5gra 
Further company coverage:  TCN.TO 

 ((Reuters.Briefs@thomsonreuters.com;))