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August 4, 2014
09:17 EDTSBYSilver Bay Realty announces agreement to internalize management structure
Silver Bay Realty Trust has entered into a contribution agreement with Pine River Domestic Management L.P. and Provident Real Estate Advisors LLC, the owners of Silver Bay’s external manager, PRCM Real Estate Advisers LLC , in a transaction to internalize the management of the company. The transaction is subject to approval by the Company’s stockholders. Following the transaction, Silver Bay will own all material assets and intellectual property rights of the Manager currently used in the conduct of its business and will be managed by officers and employees who currently work for the Manager and who will become employees of Silver Bay or a subsidiary thereof as a result of the internalization. Pursuant to the contribution agreement, Silver Bay will acquire the Manager in exchange for 2,231,511 common units of the company’s subsidiary, Silver Bay Operating Partnership L.P., which are redeemable for cash or a number of shares of company common stock on a one-for-one basis that represent approximately 5.8% of the outstanding capital stock of Silver Bay as of June 30, 2014. Pine River and Provident will be required to hold their ownership of the common units for twelve months following the closing of the transaction and will agree not to compete with the company or solicit its employees through December 19, 2017, subject to certain exceptions. The company’s Board of Directors formed a special committee made up entirely of independent and disinterested directors in connection with this transaction.
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