Prometheus Southeast Real Estate Trust, an affiliate of New York-based Lazard Freres Real Estate Investors, has made a so-far undisclosed purchase offer which Konover is filing on its 13D/A schedule with the Securities and Exchange Commission, Konover says in a prepared statement.
The proposed deal would be a business combination in which Konover's minority common shareholders would receive $1.75 in cash per share.
Prometheus owns 67% of Konover through a 1999 stock deal valued at the time at $200 million. Konover made the deal with the former FAC Realty Trust Inc. of Cary, NC. Konover has received other undisclosed bids as well, the company acknowledges in its statement.
GlobeSt.com couldn't reach Konover CFO/executive vice president Daniel J. Kelly or chairman Simon Konover at publication deadline.
The company's stock on the New York Stock Exchange today was trading at $1.82 per share, up one cent from March 14 on volume of 21,800. The stock's 52-week high-low is $4.80 and $1.15 per share. The are 31.4 million shares outstanding. Konover's market capitalization is $57.2 million.
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