AvalonBay Communities (AVB) and fellow apartment owner Equity Residential (EQR) are nearing a merger deal, The Wall Street Journal reported late Wednesday, citing people familiar with the matter.
Under the proposed deal terms, AvalonBay shareholders would receive 2.793 Equity Residential shares for each AvalonBay share and are expected to own north of 51% of the merged entity, the unnamed sources told the publication.
A deal could be announced as soon as Thursday, though talks could still fall apart, according to the report.
AvalonBay and Equity Residential didn't immediately respond to MT Newswires' requests for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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