JDN Realty and Developers Diversified Realty Corp. shareholders to vote on January 29, 2003 on possi

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)

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