T. Rowe Price Associates Inc. was among seven institutions that bought most of the stake of the Rouse Co.'s one-time biggest stockholder, Rouse said yesterday.
T. Rowe joined with the six other institutions and Columbia-based Rouse in buying 9.5 million shares of Rouse stock from Canadian real estate giant Trizec Corp. Ltd. of Calgary, Alberta, Canada.
In the deal, Rouse bought 1 million shares of its common stock from Trizec, which is attempting to reduce its debts.
The remaining 8.5 million shares of common stock sold by Trizec were purchased for cash by seven U.S. institutional investors -- T. Rowe Price of Baltimore; Ariel Capital Management and Wanger Asset Management, both of Chicago; McCowan Associates Inc., the General Motors Investment Management Corp. and Desai Capital Management Inc. all of New York City; and New York investment banker Goldman, Sachs & Co., which acted as the placement agent for the transaction.
Rouse said Trizec elected to keep about 1.5 million shares of Rouse common stock. Trizec agreed not to sell those shares in the next six months for less than $14 a share.
The four representatives of Trizec who were members of the company's board have resigned their positions as directors.