The proposed merger requires a Yes vote by two-thirds of common stock owners. JDN's common was trading at $11.30 per share Jan. 31, up 12 cents from Jan. 30. The same day, Morningstar reported the stock "experienced unusually high trading volume of 1.97 million shares." JDN stock's average daily volume over the past 30 days was 408,257 shares.

The proposed $1.02 billion merger, first announced Oct. 4, 2002, would make DDR the second largest shopping center REIT in the United States next to Simon Property Group of Indianapolis, IN.

After the merger, DDR would own or manage 442 shopping centers in 44 states with 77 million sf, including 15 million sf from the JDN deal. DDR would also acquire 20 additional properties totaling seven million sf being completed by JDN, along with 17 other properties totaling three million sf for a total estimated cost of $220 million, according to Shopping Center World, a trade publication.