Post Properties halts sale process, financial markets partially to blame

By Lisa Kerner

Charlotte, N.C., June 25 - Post Properties, Inc. ended its process to sell the company after five months.

No definitive acquisition proposals were received and all potential bidders have withdrawn from the process, Post said in a statement.

"We conducted an open and thorough sales process, but conditions in the economy and the financial markets combined to produce a difficult transaction environment," Post president and chief executive officer David P. Stockert said in a news release.

Stockert added that Post intends to "actively pursue strategies to enhance shareholder value and to position the company so that the value of its assets, business and brand is more fully realized."

Strategies the company intends to pursue include asset sales and reduction of corporate overhead as well as seeking construction loan financing and joint venture equity to fund development activity, the release stated.

In January, Post announced it had 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.

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

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