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October 25, 2012
09:28 EDTEXLExcel Trust 8.5M share Spot Secondary priced at $12.00
The deal range was $12.00-$12.10. BofA/Merrill, Morgan Stanley and Raymond James acted as joint book running managers for the offering.
News For EXL From The Last 14 Days
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September 23, 2015
10:24 EDTEXLBioMed Realty surges after report of exploring sale
Shares of BioMed Realty Trust (BMR) are surging in morning trading following a Bloomberg report that said the company is in talks to sell itself. WHAT'S NEW: BioMed Realty Trust, a San Diego-based real estate investment trust with a market value of $3.9B, is exploring a sale, Bloomberg reported last night. According to sources, the company, which went public in 2004, has hired Morgan Stanley (MS) to explore a potential deal. WHAT'S NOTABLE: Bloomberg reported that BioMed Realty has attracted interest from firms including Blackstone Group (BX), explaining that buying REITs is a way for buyers like the private equity firm to put large amounts of cash to work. One source notes that talks remain ongoing and there is no guarantee a deal will be finalized. In July, Blackstone finalized an agreement to acquire shopping center REIT Excel Trust (EXL). ANALYST TAKE: Canaccord upgraded BioMed Realty to Buy from Hold following the Bloomberg report and raised its price target to $23 from $21. Analyst Paul Morgan said the M&A report highlights BioMed's "discounted" valuation to peers, reducing the emphasis on near-term earnings issues of asset sales and lease terminations. Morgan said the firm's preliminary $25 takeout valuation "could prove conservative" in case the M&A process is "competitive." Blackstone and other private equity players, Morgan said, have the "capacity" to look beyond short-term earnings challenges to extract value from REITs. PRICE ACTION: BioMed Realty Trust is up 11.7% to $21.42 in morning trading.

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