Simpson Thacher represented Centerbridge Partners, L.P. (“Centerbridge”) in a definitive merger agreement under which affiliates of Centerbridge and GIC Real Estate, Inc. (“GIC”) will acquire all of the outstanding shares of INDUS Realty Trust, Inc. (“INDUS”) in an all-cash transaction valued at approximately $868 million. The transaction was unanimously approved by the participating members of INDUS’ Board of Directors. Under the terms of the merger agreement, upon the closing of the transaction, INDUS stockholders will receive $67.00 per share in cash, subject to certain adjustments as set forth therein. The transaction represents a premium of 17% to INDUS’ unaffected stock price on November 25, 2022, the date of Centerbridge’s initial public announcement that it intended to make a takeover offer with GIC to acquire INDUS, and a 26% premium to INDUS’ unaffected 30-day volume-weighted average stock price ending November 25, 2022.
Centerbridge Partners is a private investment firm with a multi-strategy business approach focusing on private equity, credit, distressed strategies and special situations, and real estate.
The Simpson Thacher team included Atif Azher, Fred De Albuquerque, Harry Marples, Jacob Gindt and Jamie Lee (M&A); Greg Ressa, Danielle Jackson, Whitney Salinas, Ari Goldman and Austin Hart (Real Estate); Marcy Geller, Benjamin Rippeon, Ed Grais and Shareef Salfity (Tax); Jon Karen, Linda Tieh, Jeannette Figg, Katie Lunt and Lu Wang (Funds); Greg Grogan, Harry Hudesman, Scott Schilson and Damian Gallagher (ECEB); Jennifer Nadborny and Bettina Elstroth (PCAP); Ross Ferguson, Preston Miller, Kelly Karapetyan and Luke Cowdell (Antitrust); and Lori Lesser and Kate Mirino (Intellectual Property).