Columbia Property Trust CXP (“Columbia” or the “Company”), one of the
nation's largest office REITs, today announced that it has commenced a
modified “Dutch Auction” tender offer to purchase for cash up to $300 million
in value of its shares of common stock. In accordance with the terms of the
Offer to Purchase and Letter of Transmittal, the Company will select the
lowest price, not greater than $25.00 nor less than $22.00 per share, net to
seller in cash, less any applicable withholding taxes and without interest,
that will enable the Company to purchase the maximum number of shares of
common stock having an aggregate purchase price not exceeding $300 million.
The Company expects to fund the tender offer with cash on hand and/or
borrowings available under its existing unsecured revolving credit facility.
The tender offer will expire at 11:59 p.m., New York City Time, on November 8,
2013, unless the tender offer is extended or withdrawn. Stockholders may
tender all or a portion of their shares of common stock – and may also choose
not to tender any of their shares of common stock – by following the
procedures, including choosing the price or prices at which they wish to
tender their shares of common stock, described in the Offer to Purchase, the
Letter of Transmittal and other documents related to the tender offer.
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