Cadim is a division of Caisse de depot et placement du Quebec. Williams is controlled by John A. Williams, former chairman and CEO of Post Properties. The written proposal states that is subject to a due diligence condition, but is not subject to any financing contingencies.
Post is considering the offer in conjunction with a decision by its board of directors to authorize management to initiate a formal process to pursue a possible business combination and seek proposals from potentially interested parties. Cadim/Williams will be invited to participate in the formal process.
Post Properties officials say the formal process is being initiated under continuing efforts to review strategies to enhance shareholder value. "In light of the board's decision to conduct a process and not enter into discussions with only one party, the board at this time has made no determination as to the adequacy of the Cadim/Williams proposal," says Post president and CEO David Stockert.
A call to Stockert was not returned by GlobeSt.com's deadline. JP Morgan Securities Inc. is acting as the company's financial advisor and King & Spalding LLP and Skadden, Arps, Slate, Meagher & Flom LLP are acting as the company's legal advisors.
The company does not anticipate disclosing further information regarding the status of the formal process until the process has been completed. The company stressed that the initiation of the process will not necessarily result in a business combination.
According to GlobeSt.com research, Williams resigned as chairman of Post Properties on July 1, 2002 but stayed on as a director and chairman emeritus with an annual stipend of $150,000. In 2003, he started a drive to remove the company's directors, and hinted at possibly taking the company private. The move launched a battle between Williams and the company he founded in 1971. Both sides cut ties in August 2004 with a multimillion-dollar settlement, which resulted in Williams stepping down as director, as GlobeSt.com previously reported.
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