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Price Legacy Corp. Nears Reality

SAN DIEGO-Shareholders will vote Aug. 9 on the merger of Excel Legacy Corp. and Price Enterprises Inc. Meanwhile, the companies announce a $100 million investment by Warburg Pincus in the combined operation.

By Randyl J. Drummer | Updated on June 05, 2001

SAN DIEGO-Shareholders will vote Aug. 9 on the merger of Excel Legacy Corp. and Price Enterprises Inc., which will form Price Legacy Corp. Both companies will hold their meetings at the Rancho Bernardo Inn in San Diego.

Confident the merger will be affirmed, the companies also announced a $100 million investment by Warburg Pincus, a global private equity firm, in the new company. Under the terms of the investment, Warburg Pincus will purchase approximately 18 million shares of a new class of preferred stock, and warrants to purchase an aggregate of 2.5 million shares of common stock of Price Legacy Corp. at an exercise price of $8.25 per share.

Following the merger, Price Legacy Corp. and its parent will own and operate 45 properties and be involved in 13 development projects in 12 states.

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