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Excel Legacy, Price Enterprises Set Merger Deal

SAN DIEGO-Agreement also calls for $100-million cash infusion by Warburg Pincus.

By Randyl J. Drummer | Updated on March 27, 2001

SAN DIEGO-Excel Legacy Corp. and Price Enterprises Inc. have announced adefinitive merger agreement to form Price Legacy Corp.–and a huge cashinfusion by a private equity firm.

Price Legacy Corp. also will operate a wholly owned taxable REITsubsidiary under the banner Excel Legacy Corp. In the merger, eachoutstanding share of Legacy common stock will be converted intotwo-thirds of a share of Price Legacy Corp. common stock.

The shares of Price Enterprises 8-3/4% Series A cumulative redeemablepreferred stock and common stock outstanding at the time of the mergerwill remain outstanding as shares of the combined company. The merger,which is structured to qualify as a tax-free reorganization, is subjectto the approval of the stockholders of both companies and is expected toclose by mid-year.

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