Regency Centers To Buy Urstadt Biddle Properties In $1.4 Bln All-stock Deal

(RTTNews) - Regency Centers Corp. (REG) agreed to buy Urstadt Biddle Properties Inc. (UBA, UBP) in an all-stock transaction, valuing the company at about $1.4 billion, including the assumption of debt and preferred stock.

As per the terms of the Agreement, Urstadt Biddle's Class A Common (UBA) and Common (UBP) stockholders will receive 0.347 of a newly-issued REG share for each UBA or UBP share they own, representing a total consideration of approximately $20.40 per share based on Regency's closing share price on May 17, 2023.

Upon closing, Regency and Urstadt Biddle shareholders will own approximately 93% and 7% of the combined company, respectively. The respective Boards of Directors of both Regency and Urstadt Biddle have each approved the transaction.

The transaction is currently expected to close late in the third quarter or early in the fourth quarter of 2023. There are no anticipated changes to Regency's executive management team or Board of Directors.