Regency Centers Corp. said Thursday it has agreed to acquire Urstadt Biddle Properties Inc. in an all-stock deal valued at $1.4 billion. Under the terms of...
Regency Centers Corp. REG said Thursday it has agreed to acquire Urstadt Biddle Properties Inc. UBA UBP in an all-stock deal valued at $1.4 billion. Under the terms of the deal, Regency, a REIT that develops shopping centers, will pay 0.347 of a newly issued share for each UBA or UBP share owned, equal to about $20.40 a share based on Regency’s closing price on May 17. Once the deal closes. Regency will own 93% of the new entity, while Urstadt shareholders will own the remaining 7%.
Under the terms of the deal, Regency, a REIT that develops shopping centers, will pay 0.347 of a newly issued share for each UBA or UBP share owned, equal to about $20.40 a share based on Regency’s closing price on May 17. Once the deal closes. Regency will own 93% of the new entity, while Urstadt shareholders will own the remaining 7%. Urstadt Biddle Properties is a self-administered equity REIT which owns or has equity interests in 77 properties with about 5.3 million square feet of space.
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