By Lisa Kerner
Charlotte, N.C., Feb. 22 - Inland Retail Real Estate Trust, Inc. stockholders voted to approve the Oct. 23, 2006 merger agreement with Developers Diversified Realty Corp.
The $6.2 billion transaction, which includes some $2.3 billion of existing debt, is slated to close on Feb. 27, according to a company news release.
The agreement calls for Developers Diversified to acquire all of the outstanding shares of Inland Retail Real Estate for $14.00 per share in cash, with up to $4.00 per share of the total merger consideration made in the form of Developers Diversified common stock.
Beachwood, Ohio-based Developers Diversified owns and manages approximately 500 retail operating and development properties in 44 states.
Inland Retail Real Estate, based in Oak Brook, Ill., is a self-administered and self-managed real estate investment trust that acquires, develops and manages community and neighborhood shopping centers.
| Acquirer: | Developers Diversified Realty Corp.
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| Target: | Inland Retail Real Estate Trust, Inc.
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| Transaction value: | $6.2 billion
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| Payment per share: | $14.00
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| Announcement date: | Oct. 23, 2006
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| Expected closing: | Feb. 27
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| Stock price for acquirer: | NYSE: DDR: $67.54 on Feb. 21
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| Stock price for target: | NYSE: IRC: $20.61 on Feb. 21
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