March 22 Investment firm Starwood Capital Group
said it would buy Canada's Milestone Apartments Real Estate
Investment Trust at a higher price than its previous
The new offer comes weeks after proxy advisory firm ISS
recommended Milestone unitholders vote against a deal in which
the real estate firm agreed to be acquired by Starwood for about
C$1.7 billion ($1.3 billion).
Starwood on Wednesday raised its offer to $16.25 per
Milestone unit from $16.15 per unit.
Based on current exchange rates, Starwood's new offer
represents a 2.1 percent premium to Milestone's Tuesday closing
price of C$21.30.
Reuters reported late last month that Milestone was in talks
with Starwood for a higher offer price.
Dallas-based Milestone, which went public in Toronto in
2013, owns and manages apartment properties targeting
blue-collar workers across the southern United States.
($1 = 1.3379 Canadian dollars)
(Reporting by Ahmed Farhatha in Bengaluru)