other material
confidence high
sentiment neutral
materiality 0.60
Equity Residential and AvalonBay supplement merger proxy disclosures amid shareholder lawsuits
EQUITY RESIDENTIAL
- Three shareholder lawsuits filed in NY and Cook County alleging disclosure deficiencies in merger proxy; company denies merit.
- Voluntary supplemental disclosures include details on prior discussions with 'Company A' and expanded financial analyses by Morgan Stanley and Goldman Sachs.
- Morgan Stanley DCF for Equity Residential implied per share equity value range $70.57-$92.64; for AvalonBay $200.76-$269.16.
- Goldman Sachs illustrative DCF for combined pro forma company implied per share value of AvalonBay stock $179.69-$218.40.
- Merger of equals to form Vivmark Residential; shareholder vote pending.