Tuesday, May 22, 2007

UPDATE 1-Morgan Stanley funds buying Crescent Real Estate

(Reuters) - The deal is worth about $2.3 billion based on Crescent's
102.83 million common shares outstanding on May 1 and its
closing price Tuesday of $21.62.




Including assumption and refinancing of $3.1 billion of
debt and redemption of preferred shares, the transaction has a
total value of $6.5 billion, said Crescent, a real estate
investment trust based in Fort Worth, Texas.


Read more at Reuters.com Mergers News

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