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Konover Sets Date for Vote on $23M Buyout

ATLANTA-The Raleigh, NC-based shopping center REIT will notify common stockholders Sept. 23, calling for a special meeting and vote on its proposed merger into a Prometheus/Kimco joint venture that is strongly opposed by preferred stockholders.

By Marita Thomas | Updated on September 17, 2002

ATLANTA-Confident that the SEC will approve its plan to merge into a joint-venture between New York-based Prometheus Southeast Retail Trust and New Hyde Park, NY-based Kimco Realty Corp., Raleigh, NC-based Konover Property Trust plans to notify common shareholders Sept. 23 of a meeting to vote on the merger.

The joint venture, PSCO Acquisition Corp., was formed to absorb Konover and take it private. Plans for the merger, announced in late June, drew an immediate and angry response from preferred stockholders, who charged that either the company’s financial statements were inaccurate or that Prometheus, which is an affiliate of New York-based Lazard Freres Real Estate Investors, was getting the company at a “bargain price.”

Prometheus purchased a 66%-share of Konover common stock in February 1999, which seemed to virtually guarantee acceptance of the merger plan.

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