Canada Pension Plan Investment Board Announces Definitive Agreement to Acquire Parkway, Inc.
PARKWAY INC (PKY)
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Source: PR Newswire
TORONTO and HOUSTON, Texas, June 30, 2017 /PRNewswire/ -- Canada Pension Plan Investment Board ("CPPIB") and Parkway, Inc. (NYSE: PKY) ("Parkway") announced today that they have entered into a definitive agreement under which CPPIB will acquire 100% of Parkway, a Houston-based real estate investment trust, for US$1.2 billion, or US$23.05 per share. The transaction is not subject to a financing condition and is expected to close in the fourth quarter of 2017, subject to customary closing conditions, including approval by Parkway's stockholders. The US$23.05 per share consideration, which consists of $19.05 per share plus a $4.00 special dividend to be paid prior to closing, represents a premium of approximately 14.3% when compared to Parkway's 30-day volume weighted average price ended June 29, 2017 and a premium of approximately 13.1% when compared to the prior closing price. Parkway's board of directors unanimously approved the agreement. TPG Capital and its af
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