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Associated Estates Agrees to $1.66B Takeover


Months after Associated Estates fund manager Jonathan Litt launched a campaign to replace the struggling REIT's board, the company has agreed to a $1.66B buyout. Associated Estates will be taken over by a Brookfield affiliate in a deal valued at $2.5B including debt. Initially, it appeared that the board was not interested in pursuing a sale, the Wall Street Journal reports; however, in December the apartment landlord expressed it wasn't opposed to the idea for the right price. The deal still requires the approval of shareholders, and is expected to close in the second half of this year. [WSJ]