AvalonBay and Equity Residential supplement merger proxy with additional financial details and prior discussions

AVALONBAY COMMUNITIES INC

Three shareholder complaints filed in NY and Cook County alleging proxy disclosure deficiencies; companies deny merit but voluntarily supplement.
Supplement reveals prior merger discussions with an unnamed publicly traded multifamily company (Company A) in May 2024.
Morgan Stanley DCF for Equity Residential implied per-share value range $70.57–$92.64; for AvalonBay $200.76–$269.16.
Goldman Sachs pro forma combined DCF implies $179.69–$218.40 per AvalonBay share using 787.5M pro forma shares and 2.793 exchange ratio.
Goldman Sachs standalone DCF for AvalonBay $171.63–$209.67; for Equity Residential $59.72–$71.88.

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