Developers Diversified Announces Shareholder Approval of Transaction With Otto Family
April 14 2009 - 4:58PM
Marketwired
Developers Diversified Realty (NYSE: DDR), the leading owner,
manager and developer of market-dominant shopping centers in the
United States, today announced it has received shareholder approval
on all of the proposals described in the Company's proxy statement
filed with the SEC on March 11, 2009 pertaining to the share
purchase agreement with Mr. Alexander Otto and members of his
family. The proposals were passed at a special meeting held on
April 9, 2009 at the Company's headquarters.
Scott Wolstein, Developers Diversified's Chairman and Chief
Executive Officer, stated, "We are pleased with the confidence that
our shareholders have shown in this strategic investment by the
Otto Family. We currently expect the first tranche of 15 million
shares to be sold to the Otto Family within the next several weeks,
which will be concurrent with our closing on more than $120 million
of new debt financing. The Company has obtained commitments from
lending relationships for new loans well in excess of the $112.5
million required as a condition to closing. All of these
transactions are important steps in lowering our leverage and
improving our liquidity, and we continue to work diligently on
additional initiatives."
Developers Diversified owns and manages over 710 retail
operating and development properties in 45 states, plus Puerto
Rico, Brazil, and Canada totaling 157 million square feet. The
Company is a self-administered and self-managed real estate
investment trust (REIT) operating as a fully integrated real estate
company which acquires, develops and leases shopping centers.
Additional information about Developers Diversified Realty is
available on the Internet at http://www.ddr.com.
Developers Diversified Realty Corporation considers portions of
this information to be forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, both as amended, with
respect to the Company's expectation for future periods. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not
historical fact may be deemed to be forward-looking statements.
There are a number of important factors that could cause the
results of the Company to differ materially from those indicated by
such forward-looking statements, including, among other factors,
our ability to complete, in a timely manner or at all, the new debt
financings required to consummate the sale of shares to the Otto
Family, and our ability to satisfy various other conditions to
consummate the sale of the shares to the Otto Family contemplated
by the share purchase agreement. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
Contact: Tom Morabito Senior Director of Investor Relations
Developers Diversified Realty Main: (216) 755-5500 E-mail: Email
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