Konover-Prometheus Deal Goes to Stockholders Nov. 22

ATLANTA-The long-planned merger of Raleigh, NC-based Konover Property Trust Inc., chaired by Simon Konover, and Prometheus Southeast Retail Trust, an affiliate of New York-based Lazard Freres Real Estate Investors, will be consummated Nov. 22 at a specially called Konover shareholders meeting at the Omni Berkshire Place Hotel in New York.

The deal would take Konover private. Shareholders will be asked to vote on an estimated $200 million merger with PSCO Acquisition Corp., a newly formed company owned by Prometheus and a wholly owned subsidiary of Kimco Realty Corp. of New Hyde Park, NY. Prometheus owns 67% of Konover common through a 1999 stock deal valued at the time at $200 million.

Konover owns directly or through joint ventures 37 shopping centers in seven states totaling 4.8 million sf. Prometheus and Konover signed a definitive merger agreement in June.