MART shareholders will receive cash consideration of $21.051 per share. In addition, more than 99% of the limited partners in MART's operating partnership elected to have their partnership units redeemed for cash consideration equal to $21.051 per unit.
In accordance with the merger agreement, Kimco's Board of Directors has appointed F. Patrick Hughes, who served as CEO, president and trustee of MART since its 1993 formation, to serve on its board.
The transaction has a total value of approximately $700 million including MART's existing indebtedness, which as of September 30, was approximately $233 million. A new $400 million credit facility provided additional financing for the transaction.
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