Centro Properties Group Completes Acquisition of New Plan Excel Realty Trust
April 20 2007 - 3:48PM
Business Wire
Centro Properties Group (ASX: CNP) today announced that it has
completed its acquisition of New Plan Excel Realty Trust, Inc.
(NYSE: NXL). The acquisition was completed by means of a merger of
Super MergerSub, Inc. (�MergerSub�), an affiliate of Centro, and
New Plan, following the successful tender offer for New Plan�s
common shares. Andrew Scott, Chief Executive Officer of Centro,
commented: "We are pleased to announce the successful completion of
Centro�s acquisition of New Plan, and we are excited with the
opportunity this acquisition represents for Centro. Centro Watt's
fully-integrated national platform is well placed to manage the
diverse style and geographic mix of its expanded U.S. retail
property platform." On April 19, 2007, MergerSub announced that
approximately 88.0% of the outstanding shares of New Plan common
stock had been tendered and were accepted for payment in
MergerSub�s tender offer, which expired at 12:00 midnight, New York
City time, on April 18, 2007. MergerSub also announced that it
intended to exercise the top-up option under the previously
announced merger agreement to purchase from New Plan, at a price of
$33.15 per share (the same price as the offer price in MergerSub�s
tender offer), a number of additional shares of common stock
sufficient to permit MergerSub to effect a short-form merger of
MergerSub into New Plan under Maryland law without the vote of or
any other action by the remaining New Plan stockholders. MergerSub
exercised its top-up option on April 19, 2007, and on April 20,
2007, the short-form merger became effective. In the merger, all
outstanding shares of New Plan common stock were converted into the
right to receive $33.15 net per share in cash, without interest
thereon and less any required withholding taxes (the same price as
the offer price in MergerSub�s tender offer). Following the closing
of the merger, the surviving corporation was liquidated into
another Centro affiliate, and holders of New Plan�s Series D
preferred shares and Series E preferred shares will receive
liquidating distributions in accordance with their terms. About
Centro Properties Group (ASX: CNP) Centro Properties Group
specializes in the ownership, management and development of
shopping centers. Centro is Australia�s largest manager of retail
property investment syndicates with over 80% market share as well
as being a leading manager of direct property funds and wholesale
funds which invest in Centro�s quality retail properties in
Australasia and the United States. Centro has a market
capitalization of A$7.6 billion and funds under management of
A$15.6 billion. Centro continues to maximize returns to investors
through its customer focused and value adding team based approach.
Please visit www.centro.com.au. About New Plan Excel Realty Trust,
Inc. (NYSE:NXL) New Plan is one of the nation�s largest real estate
companies, focusing on the ownership, management and development of
community and neighborhood shopping centers. The Company operates
as a self-administered and self-managed REIT, with a national
portfolio of 467 properties, including 177 properties held through
joint ventures, and total assets of approximately $3.5 billion. The
properties are strategically located across 38 states and include
453 community and neighborhood shopping centers, primarily grocery
or name-brand discount chain anchored, with approximately 67.6
million square feet of GLA, and 14 related retail real estate
assets, with approximately 658,000 square feet of GLA. For
additional information, please visit www.newplan.com.
Forward-Looking Statements This release contains forward-looking
statements. This forward-looking information is based on Centro�s
current expectations and assumptions, which are subject to a number
of risks and uncertainties that could cause actual results to
differ materially from those anticipated, projected or implied.
Centro undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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