Fortress buys real estate developer

Fortress Investment Group LLC has announced that it will buy Florida East Coast Industries Inc. in a deal valuing the Jacksonville, Fla.-based real estate developer at $3.5 billion.
MAY 09, 2007
By  Bloomberg
Fortress Investment Group LLC has announced that it will buy Florida East Coast Industries Inc. in a deal valuing the Jacksonville, Fla.-based real estate developer at $3.5 billion. The New York-based private equity company agreed to pay $62.50 along with a cash dividend of $21.50 for each share of stock. The combined dividend and merger consideration will equal $84 per share and represent a 13.3% premium to the NYSE closing price of $74.13 on May 7. Upon completion of the transaction, FECI will become a privately held company, and its common stock will no longer be publicly traded. New York-based Morgan Stanley acted as financial adviser to FECI and New York-based Skadden, Arps, Slate, Meagher & Flom LLP acted as legal adviser to Fortress.

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