Centro Properties Group Announces Expiration of New Plan Tender Offer
April 19 2007 - 10:19AM
Business Wire
Super MergerSub Inc. (�MergerSub�), an affiliate of Centro
Properties Group (ASX:CNP), announced today that it has accepted
for payment all of the additional shares of common stock of New
Plan Excel Realty Trust, Inc. (NYSE:NXL) that have been validly
tendered. The total shares tendered represent approximately 88.0%
of New Plan�s outstanding shares of common stock. MergerSub also
announced that it intends to exercise the �top-up� option and
intends to proceed to closing. Approximately 22,096,621 additional
shares of common stock were validly tendered pursuant to the
subsequent offering period of MergerSub�s tender offer prior to
12:00 midnight, New York City time, on April 18, 2007, the
expiration date for the subsequent offering period. The shares of
common stock tendered during the subsequent offering period,
together with the shares of common stock tendered during the
initial offering period of MergerSub�s tender offer comprise the
88.0% (or approximately 91,202,530 total shares) referenced above.
MergerSub currently intends to exercise the top-up option under the
previously announced merger agreement to purchase from New Plan 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. If the top-up option is exercised,
it is anticipated that the short-form merger will become effective
on or about April 20, 2007. About Super Merger Sub Inc. and Centro
Properties Group (ASX:CNP) Super MergerSub Inc. is a company formed
by affiliates of Centro Properties Group. 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 with respect to the completion of the transactions
described herein. This forward-looking information is based on
certain assumptions, including, among others, the tender of shares
by New Plan stockholders and the satisfaction of certain conditions
to the transactions. This forward-looking information may prove to
be inaccurate and actual results may differ from those presently
anticipated. Neither Centro nor MergerSub undertakes any obligation
to publicly update any forward-looking statements, whether as a
result of new information, future events or otherwise.
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