Brief: Regency Centers To Acquire Urstadt Biddle Properties In All-Stock Transaction

Urstadt Biddle Properties

18/05/2023 12:32

May 18 (Reuters) - Regency Centers Corp  REG.O :
    * REGENCY CENTERS TO ACQUIRE URSTADT BIDDLE PROPERTIES IN
ALL-STOCK TRANSACTION
    * REGENCY CENTERS CORP - PROPOSED DEAL FOR VALUED AT
APPROXIMATELY
$1.4 BILLION
    * REGENCY CENTERS CORP - ALL-STOCK TRANSACTION INCLUDING
ASSUMPTION OF DEBT AND PREFERRED STOCK
    * REGENCY CENTERS CORP- COMBINED CO EXPECTED TO HAVE A PRO
FORMA
EQUITY MARKET CAPITALIZATION OF ABOUT $11 BILLION & TOTAL
ENTERPRISE VALUE OF ABOUT $16 BILLION
    * REGENCY CENTERS CORP- UBP IS EXPECTED TO ALIGN TIMING OF
ITS
QUARTERLY DIVIDEND PAYMENTS TO REGENCY'S DURING PENDENCY OF
MERGER
    * REGENCY CENTERS - URSTADT BIDDLE'S CLASS A COMMON & COMMON
(UBP)
STOCKHOLDERS TO GET 0.347 OF NEWLY-ISSUED REG SHARE FOR EACH
UBA/UBP SHARE THEY OWN
    * REGENCY CENTERS CORP- DEAL EXPECTED TO BE IMMEDIATELY
ACCRETIVE
TO CORE OPERATING EARNINGS INCLUDING ABOUT $9 MILLION OF ANNUAL
COST SAVINGS BENEFIT
    * REGENCY CENTERS - UPON CLOSING, REGENCY AND URSTADT BIDDLE
SHAREHOLDERS WILL OWN ABOUT 93% AND 7% OF COMBINED CO,
RESPECTIVELY
    * REGENCY CENTERS CORP - RESPECTIVE BOARDS OF DIRECTORS OF
BOTH
REGENCY AND URSTADT BIDDLE HAVE EACH APPROVED TRANSACTION
    * REGENCY CENTERS CORP - DEAL IS EXPECTED TO BE NON-TAXABLE
TO
URSTADT BIDDLE SHAREHOLDERS
    * REGENCY CENTERS CORP - NO ANTICIPATED CHANGES TO REGENCY'S
EXECUTIVE MANAGEMENT TEAM OR BOARD OF DIRECTORS
    * REGENCY CENTERS CORP- STOCKHOLDERS OF UBP HOLDING ABOUT
68% OF
UBP'S VOTING RIGHTS HAVE ENTERED INTO AN AGREEMENT TO VOTE IN
FAVOR OF TRANSACTION

Source text for Eikon:  ID:nGNX5bb7l9 
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