Regency Centers down on $1.4 bln deal to acquire Urstadt Biddle

Urstadt Biddle Properties

18/05/2023 13:14

** Shares of open-air shopping mall operator Regency Centers
Corp  REG.O  down 3.4% at $56.81 premarket
    ** Company to acquire Urstadt Biddle Properties Inc  UBA.N ,
a real estate investment trust, in an all-stock deal valued at
about $1.4 bln
    ** Urstadt Biddle's shareholders will receive 0.347 of a
newly-issued REG share for each Class A Common (UBA) and Common
(UBP) share they own
    ** This works out to $20.40/shr, a premium of about 21% to
UBA's last close
    ** Upon closing, REG and UBA shareholders will own about 93%
and 7% of the combined company, respectively
    ** Deal is expected to close late in Q3 or early Q4 of 2023
    ** Up to Wednesday's close, REG stock down nearly 6% YTD
    

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))