Columbia Property Trust Announces IPO Date and Tender Offer
On September 30, 2013 Columbia Property Trust released a statement with 2 important details about the upcoming IPO. The first is the listing date, on or about October 10, 2013 under the symbol CXP. If all goes according to their plan, Columbia Property Trust will be a publicly traded company in less than 2 weeks.
In conjunction with the IPO they also announced a tender offer to buy back up to $300 million of it’s common shares in a “Dutch Auction.” Details about the tender offer price have yet to be released, but I’ll post them as soon as I read through the regulatory filings.
UPDATES:
October 10, 2013
Columbia Property Trust released the details of the dutch auction. The price range will be from $22.00 to $25.00 and will be available for 20 days after the IPO.
I started a page to make organizing the information easier, view it here:
The press release for the announcement can be seen here:
Do you know why Columbia Property Trust is listing on NYSE Euro, rather than stateside NYSE? I thought there were always promotional press releases to give some idea of what they expect to open, and how much they expect to raise.
Hi June,
I haven’t read that they were listing on the NYSE Euro and all the documents filed with the SEC say “New York Stock Exchange.” NYSE Euronext is the parent company that operates multiple exchanges, including the NYSE and Euronext.
Columbia has not indicated their expected offering price (yet), but they did file a form today giving the range for the Dutch Auction at $22-$25 per share and the 10/7/2013 8-A filing authorized them to issue up to 1,000,000,000 shares.
I’m working on another video this afternoon that should give some additional insight into the disclosures.
Following Columbia IPO news
Hi Susan,
Thanks for subscribing to the Columbia News. If I can answer any specific questions for you please let me know.
What happened to the $28/share price that has been consistently quoted by the trust? It seems to have played no part in the opening price for the IPO. Any idea how this transition occured?
Thanks for any input, Howard
Hi Howard,
The $28 share price was calculated to be the net asset value from Columbia’s last annual valuation. This doesn’t have much to do with the publicly traded price. In the tender offer, management at Columbia thinks that share buy backs in the $22-25 range present them with a good value.
I hope that helps.