Post Properties to evaluate possible business combination

By Lisa Kerner

Charlotte, N.C., Jan. 23 - The board of directors of Post Properties, Inc. authorized the company to begin a formal process of pursuing a possible business combination and to seek proposals from potentially interested parties, the company announced on Wednesday.

Post has received an unsolicited proposal from Cadim and Williams Realty Advisors, LLC to acquire all of the company's outstanding common shares at a price range of $44 to $47 per share in cash.

Williams Realty is controlled by John A. Williams, former Post chairman and chief executive officer. Cadim is a division of Caisse de dépôt et placement du Québec Properties.

The proposal is not subject to any financing contingencies but is subject to a due diligence condition.

Post said it will invite the Cadim/Williams group to participate in its formal process.

"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," Post president and CEO David P. Stockert said in a company news release.

The company does not plan to disclose further information until the formal process is completed.

J.P. Morgan Securities, Inc., King & Spalding LLP, and Skadden, Arps, Slate, Meagher & Flom LLP are advising Post.

Post is an Atlanta-based upscale multifamily community real estate investment trust.

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