Chambers Street Properties (CSG) Odd Lot Tender Offer

  • Company: Chambers Street Properties
  • Ticker: NYSE:CSG
  • Market Cap: 2.49B
  • Size of Action: 5% of outstanding shares
  • Type of Transaction: (Dutch Auction) Tender Offer
  • Current Price: $9.37 as of June 4th
  • Tender Price: $10.10-$10.60
  • Potential Gain (%): 8-13%
  • Expiration: June 19, 2013 at 5pm
  • Tender Limit (Shares): 99
  • Max Investment ($): $927
  • Max Gain ($): $121
  • Sec Filing: &
  • Summary: Chambers Street Properties, a Maryland real estate investment trust (a “REIT”) (the “Company,” “Chambers Street,” “we” or “us”), is offering to purchase for cash up to $125,000,000 in value of its Common Shares of Beneficial Interest, par value $0.01 per share (the “Common Shares”), at a price specified by the tendering shareholders of not greater than $10.60 nor less than $10.10 per Common Share, net to the seller in cash, less any applicable withholding taxes and without interest, on the terms and subject to the conditions described in this Offer to Purchase and the related Letter of Transmittal (which, together with the Offer to Purchase, as each may be amended or supplemented from time to time, constitute the “Offer”).
  • Source of Funds: Chambers Street will fund any purchase of Common Shares pursuant to the Offer, including the related fees and expenses, from borrowings under our existing unsecured revolving credit facility. The Offer is not subject to a financing contingency. If the Offer is fully subscribed, we expect the aggregate purchase price for the Common Shares in the Offer, together with all related fees and expenses, to be approximately $126,450,000.
  • Notes: Although the company provides a range of $10.01 to $10.06 for the purchase, in my experience, most dutch tender offers tend to close at the upper bound of the range. I believe CSG will likely close with a 5-6% premium.



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