December 16, 2015 Comments Off on DRA to Acquire Inland Real Estate Corp. for $2.3B Views: 838 California News, Illinois, Midwest, National News, New York, Northeast

DRA to Acquire Inland Real Estate Corp. for $2.3B

DRA Advisors of New York has reportedly agreed to acquire Oak Brook, IL-based Inland Real Estate Corp. for $2.3 billion. Inland, currently a public company that owns and operates shopping centers, will become a privately held investment trust following the acquisition.

DRA funds will pay $10.60 per share in cash for the Chicago-suburban-based Inland, with the acquisition including assumed debt.

Non-executive chairman Thomas P. D’arcy indicated that Inland’s board had been in discussion with several strategic and financial buyers, in an effort to close the gap between the discount at which the company’s shares were trading, and private market valuations.

“The board unanimously agreed that this all-cash offer is the best course of action to address this valuation gap, and provide our stockholders with strong relative value for their investment,” D’Arcy said in a statement.

Inland has “quality assets, a strong management team and great long-term potential,” DRA President David Luski added.

Read More at Chicago Business

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