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24

Milestone Investors Push Back on $1.3 Billion Starwood Deal

By Tony Seruga

Manulife, AGF portfolio managers unhappy with bid for landlord
Agreement needs two-thirds shareholder approval to go through

Shareholders representing at least 5.6 percent of Milestone Apartments Real Estate Investment Trust said a $1.3 billion takeover deal by Starwood Capital Group is too low.

Starwood agreed to pay $16.15 a share for the owner of U.S. rental properties, Milestone announced Jan. 19. The investment firm, controlled by Barry Sternlicht, needs to raise that bid by at least 11 percent to $18 a share, said Steve Belisle, senior portfolio manager at Manulife Asset Management. Portfolio manager Peter Imhof at AGF Management Ltd. wants to either hold onto the stock or see Starwood increase its bid by at least 5 percent…

Milestone Investors Push Back on $1.3 Billion Starwood Deal

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