ROCHESTER, N.Y., July 23, 2015 /PRNewswire/ -- Home Properties,
Inc. (NYSE: HME) ("Home Properties" or the "Company") today
announced that the "go-shop" period set forth in the previously
announced merger agreement entered into on June 22, 2015 by and among Home Properties, Home
Properties, L.P., affiliates of Lone Star Funds and UDR, Inc.
(NYSE: UDR), has expired.
Under the merger agreement, Home Properties and its
representatives had the right to solicit alternative acquisition
proposals from third parties during a "go-shop" period that expired
at 11:59 p.m. (EDT) on July 22, 2015. None of the third parties
contacted by BofA Merrill Lynch, as financial advisor to Home
Properties, provided Home Properties or BofA Merrill Lynch with a
proposal or offer regarding an alternative acquisition
proposal.
Starting at 12:00 a.m. (EDT) on
July 23, 2015, Home Properties became
subject to customary "no shop" provisions that limit its ability to
solicit alternative acquisition proposals from third parties or to
provide confidential information to third parties, subject to
customary "fiduciary out" provisions.
The transaction is expected to close during the third or fourth
quarter of 2015, subject to the approval of Home Properties
stockholders and Home Properties partnership unitholders, as well
as the satisfaction of certain customary closing conditions. Upon
completion of the transaction, Home Properties will become a
privately held company.
About Home Properties
Home Properties is a publicly
traded multifamily real estate investment trust that owns,
operates, acquires and repositions apartment communities in suburbs
of major metropolitan areas, primarily along the East Coast of
the United States. An S&P 400
Company, Home Properties owns and operates 121 communities
containing 41,957 apartment units. For more information, please
visit the Company's website at www.homeproperties.com.
Forward Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally can be
identified by use of statements that include phrases such as
"believe," "expect," "anticipate," "estimate," "intend," "plan,"
"will," "predicted," "likely," or other words or phrases of similar
import. Such statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results,
performance, or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to, the ability of the Company
to obtain required stockholder approval required to consummate the
proposed merger of Home Properties; the ability of the Home
Properties, L.P. to obtain the required unitholder approval to
consummate the proposed partnership merger; the satisfaction
or waiver of other conditions in the merger agreement; the
outcome of any legal proceedings that may be instituted against the
Company and others related to the merger agreement; the ability of
third parties to fulfill their obligations relating to the proposed
transactions, including providing financing under current financial
market conditions; the risk that the Company merger, the operating
partnership merger or the other transactions contemplated by the
merger agreement may not be completed in the time frame expected by
the parties or at all; the ability of the Company to implement its
operating strategy; changes in economic cycles; and competition
within the multifamily residential real estate industry. Although
the Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of
the assumptions could be inaccurate, and therefore there can be no
assurance that such statements included in this communication will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by the Company or any other person that the results
or conditions described in such statements or the objectives and
plans of the Company will be achieved. Certain factors that could
cause actual results to differ materially from these
forward-looking statements are listed from time to time in the
Company's SEC reports, including, but not limited to, in the
section entitled "Item 1A. Risk Factors" in the Annual Report on
Form 10-K filed by the Company with the SEC on
February 24, 2015. Any forward-looking statement speaks only
as of the date of this communication and we undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new developments or otherwise.
Additional Information about the Proposed Transactions and
Where to Find It
In connection with the proposed transactions, the Company
expects to file with the SEC a proxy statement, which proxy
statement will be mailed or otherwise disseminated to the Company's
stockholders when it becomes available. The Company also plans to
file other relevant documents with the SEC regarding the proposed
transactions. INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME
AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may
obtain a free copy of the proxy statement (if and when it becomes
available) and other relevant documents filed by the Company with
the SEC at the SEC's website at www.sec.gov. Copies of the
documents filed by the Company will be available free of charge on
its website at www.homeproperties.com, or by directing a written
request to Home Properties, Inc. at 850 Clinton Square,
Rochester, New York 14604,
Attention: Investor Relations.
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies in respect
of the proposed transactions. You can find information about the
Company's directors and executive officers in the Company's
definitive proxy statement filed with the SEC on March 27,
2015 in connection with its 2015 annual meeting of stockholders.
Additional information regarding the interests of such potential
participants will be included in the proxy statement and other
relevant documents filed with the SEC if and when they become
available. You may obtain free copies of these documents from the
Company using the sources indicated above.
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SOURCE Home Properties, Inc.
