INDIANAPOLIS—Kite Realty Group Trust and Inland Diversified Real Estate Trust, which announced a $1-2-billion merger in February, are in the latter stages of making the union a reality. The two REITs said Friday that the final exchange ratio had been determined, with each share of Inland Diversified common stock converted into 1.707 shares of Kite Realty common stock upon the merger's closing.
A special meeting of Inland Diversified's shareholders is slated for this coming Tuesday at the REIT's Oak Brook, IL headquarters. The Inland Diversified board has recommended shareholder approval, and the company says shareholder votes thus far have been 94% in approval of the merger.
Following the merger, which is expected to occur on or around July 1, the combined company will retain the name Kite Realty Group Trust. It will continue to trade on the New York Stock Exchange under the symbol KRG.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.