Brookfield To Acquire Associated Estates - Quick Facts

(RTTNews) - Associated Estates Realty Corp. (AEC) announced its Board has unanimously approved a definitive merger agreement under which a real estate fund managed by Brookfield Asset Management (BAM) will acquire all outstanding shares of common stock of Associated Estates for $28.75 per share in cash. The transaction is valued at approximately $2.5 billion including the assumption of debt.

Associated Estates will convene a special meeting to seek the approval of its shareholders, and the annual meeting previously scheduled for May 22, 2015 has been postponed indefinitely.

Associated Estates said the company intends to pay the previously announced common stock dividend of $0.21 per share on May 1, 2015 to shareholders of record as of April 15, 2015. The company does not expect to pay additional dividends prior to the closing of the merger.