(For more retail coverage, click GlobeSt.com/RETAIL.)
NEW HYDE PARK, NY-Both sides of a $4-billion retail merger between Kimco Realty Corp. and Pan Pacific Retail Properties are eyeing Oct. 31 now that Pan Pacific stockholders have approved the deal. The last day of October is now the official closing date, according to the companies.
Kimco and Pan Pacific went public with the news of their merger agreement in July. Since day one, both managements have said they expected the deal to close in the fourth quarter.
The approval by Pan Pacific's stockholders comes just a few weeks after locally based Kimco finalized its financing plan to acquire the San Diego-based Pan Pacific. Under the plan, Kimco will pay $70 per share for Pan Pacific, with $60 in cash and $10 in newly issued Kimco stock, as GlobeSt.com previously reported.
According to the companies, unless Kimco exercises its right to revoke its stock election, the number of shares of Kimco common stock that Pan Pacific stockholders will receive will be determined based on the closing price average of Kimco common stock over the 10 trading days immediately preceding the closing date. Pan Pacific stockholders will receive a pro rata portion of Pan Pacific's regular $0.64 per share dividend for each day between Sept. 26 and the closing date. If the closing occurs as scheduled on Oct. 31, the total amount of the pro rata dividend will be slightly less than $0.24 per share, a joint press release explains.
Kimco, led by chairman and CEO Milton Cooper, has interest in 1,128 shopping centers totaling approximately 145.3 million sf of leasable space in 45 states, Canada, Mexico and Puerto Rico. Pan Pacific is the largest neighborhood shopping center REIT focused exclusively on the West Coast. Its portfolio contains 138 properties totaling approximately 22.6 million sf.
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