The Caisse de dépôt et placement du Québec’s Cadim division is teaming up with Post Properties’ former chairman and CEO to make an unsolicited bid for the Atlanta-based firm.
The offer by Cadim and Williams Realty Advisors of US$44 to $47 a share in cash values the company at about $2 billion.
Post Properties’ board of directors has authorized management to initiate a formal process to pursue a possible business combination and to seek proposals from other potentially interested parties.
“In light of the board’s decision to conduct a process and not enter into discussions with only one party, the board at this time has made no determination as to the adequacy of the Cadim/Williams proposal,” says David P. Stockert, the company’s current president and CEO.
Post Properties is one of the largest developers and operators of upscale multifamily communities in the United States.
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