Alexander & Baldwin(US:ALEX) Prnewswire·2025-12-08 22:30Core Points - Alexander & Baldwin, Inc. has entered into a definitive merger agreement with a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest, where shareholders will receive $21.20 per share in cash, representing a 40.0% premium to the closing price on December 8, 2025, with an enterprise value of approximately $2.3 billion [1][7][8] - The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions including shareholder approval [8] - A&B is the largest owner of high-quality, grocery-anchored shopping centers in Hawaii, with a portfolio of approximately 4.0 million square feet of commercial space [2][11] Company Overview - A&B has a diverse portfolio that includes 21 retail centers, 14 industrial assets, and four office properties, along with fee interests in 146 acres of ground lease assets [2][11] - The company has a 155-year history and has played a significant role in the development of various industries in Hawaii [11] Leadership and Future Plans - A&B will retain its name, brand, and Honolulu headquarters post-transaction, and will continue to be led by a Hawaii-based team [5] - The Investor Group plans to invest over $100 million to enhance A&B's existing portfolio of properties [6] Shareholder Value - The merger agreement delivers significant immediate value to shareholders, with a substantial cash premium [3][7] - A fourth quarter 2025 dividend of $0.35 per share has been approved, payable on January 8, 2026, which will reduce the per-share consideration in the merger [9] Investor Group Background - MW Group has over three decades of experience in commercial real estate development in Hawaii [13] - Blackstone Real Estate has a long history of responsible ownership in Hawaii, with investments creating over 9,000 jobs [4][14] - DivcoWest is known for its experience across various real estate sectors and aims to enhance the environments it invests in [16]