Equity One Makes Bid for Cedar

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

PORT WASHINGTON, NY-Grocery-anchored center owner Equity One, of North Miami Beach, FL, is offering about $380 million, or $17 per share, for Cedar Shopping Centers. Cedar’s board responded with a statement saying it would “promptly convene a meeting to consider this proposal.”

Shares of locally based Cedar, which owns 58 centers in Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania and Ohio, closed yesterday at $14.92. “We believe that our proposed transaction would provide maximum liquidity and value for Cedar’s common shareholders,” says Chaim Katzman, Equity One’s chairman and CEO, in a statement. “We are very familiar with Cedar’s assets and operations and believe they are highly complementary to our own.”