Tricon Residential receives interim order for proposed take private deal

Tricon Residential announced that on February 15, 2024, the Ontario Superior Court of Justice granted an interim order in connection with the previously announced statutory plan of arrangement under the Business Corporations Act pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. will acquire all outstanding common shares of Tricon for $11.25 (approximately C$15.18 based on the Bank of Canada USD/CAD exchange rate at February 15, 2024) per Common Share in cash. The Interim Order authorizes the calling and holding of a special meeting on March 28, 2024 of the holders of Common Shares, the granting of dissent rights to registered Company Shareholders, and other matters relating to the conduct of the Special Meeting. The Consideration of $11.25 per Common Share in cash represents a premium of approximately 30% to the closing price of the Common Shares on the New York Stock Exchange as of January 18, 2024, the last trading day prior to the public announcement of the Arrangement, and a premium of approximately 42% to the volume weighted average share price on the NYSE over the 90-day period ended January 18, 2024. BREIT will maintain its approximately 11% ownership stake in the Company post-closing.