# Alexander & Baldwin, Inc. (ALEX) — merger/definitive [completed]
Source: SEC API (secapi.ai) · situation sit_534d4c390ae757241aaf · retrieved 2026-08-11T16:12:43.248Z

## Overview
Alexander & Baldwin, Inc. is the only publicly traded real estate investment trust focused exclusively on Hawaii commercial real estate and the state's largest owner of grocery-anchored neighborhood shopping centers, owning, operating and managing approximately 4.0 million square feet of commercial space including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of g…

Alexander & Baldwin, Inc., a Hawaii-focused real estate investment trust, agreed to be acquired by Tropic Purchaser LLC, a joint venture formed by affiliates of MW Group, Blackstone Real Estate, and DivcoWest, pursuant to a merger agreement dated December 8, 2025. Shareholders will receive $21.20 per share in cash, less the fourth quarter 2025 dividend of $0.35 per share (resulting in a net payment of $20.85 per share), subject to applicable withholding taxes. The special meeting of shareholders is scheduled for March 9, 2026 at 10:00 a.m., Hawaii Standard Time, to vote on approval of the merger agreement. The merger consideration represents a 40.0% premium to the closing price of the Company's common stock on December 8, 2025, the last trading day prior to announcement.

## Terms
- Counterparty: Tropic Purchaser LLC (joint venture of MW Group, Blackstone Real Estate, and DivcoWest) · Deal value: $1.54B · Consideration: cash · Premium: 40.0% · Price/share: $21.2

## Key dates
- Record 2026-01-15 · Vote 2026-03-09 · Completed 2026-03-17

## Timeline
- 2026-01-23 · DEFM14A (0001104659-26-006024): DEFM14A - Alexander & Baldwin, Inc. — *Alexander & Baldwin, Inc. is the only publicly traded real estate investment trust focused exclusively on Hawaii commercial real estate and the state's largest owner of grocery-anchored neighborhood shopping centers, owning, operating and managing approximately 4.0 million square feet of commercial space including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of g…* Alexander & Baldwin, Inc., a Hawaii-focused real estate investment trust, agreed to be acquired by Tropic Purchaser LLC, a joint venture formed by affiliates of MW Group, Blackstone Real Estate, and DivcoWest, pursuant to a merger agreement dated December 8, 2025. Shareholders will receive $21.20 per share in cash, less the fourth quarter 2025 dividend of $0.35 per share (resulting in a net payment of $20.85 per share), subject to applicable withholding taxes. The special meeting of shareholders is scheduled for March 9, 2026 at 10:00 a.m., Hawaii Standard Time, to vote on approval of the merger agreement. The merger consideration represents a 40.0% premium to the closing price of the Company's common stock on December 8, 2025, the last trading day prior to announcement.
  https://www.sec.gov/Archives/edgar/data/1545654/0001104659-26-006024.txt
- 2026-03-17 · 8-K (0001104659-26-029533): 8-K FORM 8-K
  https://www.sec.gov/Archives/edgar/data/1545654/000110465926029533/tm268388d2_8k.htm

## Citations
- 0001104659-26-006024 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926006024
- 0001104659-26-029533 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926029533