Shares of INDUS Realty Trust Inc. shot up 10.0% toward a three-month high in premarket trading Monday, after the developer, manager and leaser of industrial/warehouse properties said a received an “unsolicited” buyout bid from private investment firms Centerbridge Partners L.P. and GIC Real Estate. Centerbridge, which owns 14.8% of INDUS’ shares outstanding, to make it the second-largest shareholder, and GIC said they will pay $65 in cash for each INDUS share outstanding, which represents a 13.5% premium to Friday’s closing price of $57.28, and implies a $662.5 million market capitalization for INDUS. “Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the company’s Board of Directors will carefully review the proposal to determine the best path forward for the company that maximizes value for all of the company’s shareholders,” INDUS said in a statement. “The Board of Directors remains confident in the company’s performance, strategy and growth prospects.” The stock has dropped 29.3% year to date through Friday, while the SPDR Real Estate Select Sector ETF has shed 25.1% and the S&P 500 has declined 15.5%.
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