Regency Centers to buy Urstadt Biddle Properties in $1.4 bln deal (updated)

Urstadt Biddle Properties

18/05/2023 12:51

(Adds rationale for deal in paragraph 2, details of deal in
paragraph 3 and 4)
       May 18 (Reuters) - Regency Centers Corp  REG.O  said on
Thursday it has agreed to acquire Urstadt Biddle Properties Inc
 UBA.N  in an all-stock deal valued at about $1.4 billion,
including the assumption of debt and preferred stock.
    The transaction will help Regency expand its footprint in
grocery-anchored shopping centers in suburban trade areas. 
    Regency's CEO Lisa Palmer said "the portfolio that Urstadt
Biddle has carefully assembled over more than 50 years offers a
highly aligned demographic and merchandising profile to
Regency."
        Under the terms of the deal, Urstadt stockholders 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 per share, and represents a premium
of about 21% to Urstadt's last close.

 (Reporting by Granth Vanaik and Kannaki Deka in Bengaluru;
Editing by Shailesh Kuber)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))