JDN Realty Corp. and Developers Diversified Realty Corp. shareholders will vote Jan. 29 on the proposed $1 billion merger between the two shopping-center real estate investment trusts.
Shareholders on record December 2, 2002 are eligible to vote on the merger, according to a proxy filing Wednesday with the Securities and Exchange Commission.
In October, the two REITs announced the deal under which Cleveland-based Developers will issue about $380 million in stock, or 0.518 share for each share of Atlanta-based JDN. The value of the deal also includes $584 million of assumed debt and $50 million of preferred stock.
As reported, the deal is expected to close in the first quarter of 2003 and must be closed by May 15, 2003. The merger carries a $16 million breakup fee plus expenses. According to the filing Wednesday, expenses can be up to $4 million.
(source: Dow Jones Newswires)