Centro, New Plan merger slated to close Friday following successful tender offer

By Lisa Kerner

Charlotte, N.C., April 19 - Centro Properties Group affiliate Super MergerSub Inc. accepted for payment a total of 91,202,530 shares, or about 88%, of New Plan Excel Realty Trust, Inc.'s common stock that have been validly tendered.

Most of the shares were tendered during the initial tender offer that ended on April 4, and 22,096,621 additional shares were validly tendered in a subsequent offer that ended at midnight ET on April 18.

MergerSub intends to exercise the "top-up" option as it proceeds to an expected closing date of April 20. The top-up option allows Merger Sub to purchase from New Plan a number of additional shares of common stock sufficient to effect a short-form merger without any other action required by New Plan stockholders.

Centro Properties and New Plan entered into a definitive agreement on Feb. 23 in which Centro's affiliate would acquire New Plan for $33.15 per share in cash.

New Plan's board unanimously approved the deal, which is valued at approximately $6.2 billion, including assumption of debt and preferred stock.

Limited partners in Excel Realty Partners, LP, a New Plan subsidiary, will have the option to receive $33.15 per partnership unit or to remain as limited partners and receive newly issued preferred units.

New Plan is a New York real estate company.

Sydney, Australia-based Centro Properties specializes in the ownership, management and development of shopping centers.

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