DBRG - Landmark Infrastructure gains after rival $13.50/share offer topping earlier deal

Zhanna Hapanovich/iStock via Getty Images Landmark Infrastructure Partners (LMRK) rose 1% in after hours trading after Verde Investments disclosed it offer to buy the company $13.50/share in cash, according to a 13-D filing. Verde Investments has a 8.2% in Landmark Infrastructure. The offer from Verde Investments would top a $13/share, or $972M deal, that Digital Colony Management, which is owned by DigitalBridge Group (DBRG) agreed to with Landmark Dividend in May.  "Our proposal represents a meaningful cash premium over the consideration offered in the non-binding Colony Proposal.," Verde said in a letter addressed to the Landmark Chairman.  "Additionally, we would not require any third-party financing in order to transact under our proposal, and any definitive transaction documentation would not include a financing condition." Verde also added that the company could make its offer price "even higher" depending on the findings of its "confirmatory" due diligence. Last month, Colony Capital said it will rebrand to DigitalBridge Group.

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Landmark Infrastructure gains after rival $13.50/share offer, topping earlier deal