Kimco Realty Corp. (KIM) and Pan Pacific Retail Properties, Inc. (PNP) announce their merger in a July 10 press release.
Under the terms of the agreement, Kimco will acquire all of the outstanding shares of Pan Pacific for a total merger consideration of $70.00 per share in cash. Kimco may elect to issue up to $10 per share of the total merger consideration in the form of Kimco common stock to be based upon the 10- day average closing price of Kimco shares two trading days prior to the Pan Pacific stockholders' meeting to approve the transaction. The election to issue Kimco common stock may be made up to 15 days prior to the Pan Pacific stockholders' meeting and may be revoked by Kimco at any time if the revocation would not delay the stockholders' meeting for more than 10 business days.
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