Tricon Residential Shareholders to Vote on Going Private in Blackstone Takeover
Canadian real estate company, Tricon Residential, has announced that its shareholders will be voting for the company to go private following a takeover agreement with Blackstone. The Ontario Superior Court of Justice has granted an interim order authorizing the holding of a special shareholders meeting on March 28.
Tricon Residential is set to become a private company after entering into a takeover agreement with Blackstone. The Canadian real estate firm has stated that its shareholders will be voting on the move, with the Ontario Superior Court of Justice granting an interim order to hold a special shareholders meeting on March 28.
The completion of the transaction between Tricon and Blackstone is expected to take place in the second quarter of this year. In a statement, Blackstone revealed its plans to acquire all of Tricon's outstanding common shares for $11.25 per share, representing a premium of 30% to its closing price on the prior day.
Under Blackstone's ownership, Tricon intends to proceed with its ambitious development pipeline. This includes completing $1 billion worth of new single-family rental homes in the United States and an additional $2.5 billion of new apartments in Canada.
Analyst comment
Positive news. The market will likely respond favorably to the announcement of Tricon Residential becoming a private company through the takeover agreement with Blackstone. The completion of the transaction and Blackstone’s plans for development are expected to contribute to the growth and expansion of Tricon’s real estate projects.
