Summary
This Form 8-K report by Equity Residential Properties Trust (EQR) details the completion of its merger with Globe Business Resources, Inc. (Globe) on July 11, 2000. The merger was approved by Globe shareholders, and each Globe common share was purchased for $13.00 cash. EQR is providing Globe's financial information as of June 30, 2000, and for the four months then ended, to offer investors a clearer picture of the acquired entity's financial standing. This filing is primarily informational, confirming the closure of the acquisition and presenting the financial details of the target company.
Key Highlights
- 1Equity Residential Properties Trust (EQR) completed its merger with Globe Business Resources, Inc. on July 11, 2000.
- 2Globe shareholders approved the merger, with 98% of voted shares in favor.
- 3Each outstanding share of Globe common stock was cashed out at $13.00 per share.
- 4EQR is filing additional financial information for Globe as of June 30, 2000, and for the four-month period then ended.
- 5Globe's consolidated balance sheet shows total assets of $138.7 million and total liabilities of $92.1 million as of June 30, 2000.
- 6For the four months ended June 30, 2000, Globe reported net income of $0.983 million, a decrease from $1.311 million in the comparable prior-year period.
- 7Globe's cash flows from operating activities for the four months ended June 30, 2000, were $5.621 million.
Frequently Asked Questions
The main purpose of this 8-K filing is to report the completion of Equity Residential Properties Trust's (EQR) merger with Globe Business Resources, Inc. (Globe) and to provide Globe's financial statements as of and for the period ended June 30, 2000.
This filing presents Globe's financial statements, not the consolidated financial impact on EQR. It shows that Globe had total assets of approximately $138.7 million and liabilities of $92.1 million as of June 30, 2000. For the four months ended June 30, 2000, Globe's net income was $0.983 million. Investors will need to refer to EQR's subsequent filings for the combined financial results.
The merger agreement stipulated that each share of Globe common stock outstanding immediately prior to the merger would be cashed out at $13.00 per common share. The total value would depend on the number of Globe shares outstanding at the time of the merger.
The consolidated balance sheet for February 29, 2000, is noted as audited. However, the consolidated balance sheets as of June 30, 2000, and the consolidated statements of income and cash flows for the four months ended June 30, 2000, are presented as unaudited.