Piedmont / Wells Update
I spoke to a representative at Wells (not Piedmont) about last month's Wall Street Journal article. The representative said the offer to acquire all the former Wells REIT was never formally made, which is why the REIT's board of directors did not respond to the offer. This matches my unsuccessful search for a formal offer. The only offers I found were tender offers that sought to acquire up to 10% of the REIT, not all of it at two different prices. This information allays concerns about poor fiduciary responsibility. The conversation also revealed that that appraised NAVs were around $9.00 per share or less, with appraised dates of Fall 2006. I expect a listing soon (Fall 2007), although uncertain debt markets could affect the timing.