Plus   Neg

Gazit America Forms Special Committee To Consider Acquisition Proposal

Gazit America Inc. (GAA.TO) announced that its Board has formed a Special Committee to consider and make recommendations to the Board of Directors with respect to a non-binding preliminary transaction proposal received by Gazit America from Gazit-Globe Ltd. (GZT) and First Capital Realty Inc. (FCR.TO) with respect to the acquisition by Gazit-Globe of all of the common shares of Gazit America not already beneficially owned by Gazit-Globe for consideration which Gazit-Globe and First Capital have valued at $7.07 for each share of Gazit America, based on certain assumptions, payable in cash and common shares of First Capital.

As part of the arrangement, the Transaction Proposal contemplates that First Capital will acquire all of the shares of ProMed Properties (CA) Inc., which owns the medical office and retail properties of Gazit America, and ProMed Asset Management Inc.

The Transaction Proposal is subject to full due diligence and adjustment by Gazit-Globe and First Capital.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Business software giant Oracle Corp. (ORCL), Monday said it swung to a third-quarter loss after taking a $6.9 billion charge related to the new U.S. tax law. Revenues for the quarter grew 6 percent reflecting strong growth in cloud revenues. Adjusted earnings for the quarter trumped Wall Street estimates,... Canada-based cannabis company Cronos Group Inc. (CRON) and MM Enterprises USA LLC said Monday that they have formed a cross-border joint venture to cater to Canadian consumers. The move comes as Canada plans to legalize adult use of cannabis by the end of this year. MM Enterprises USA, LLC is a U.S. cannabis company with facilities in California, Nevada, and New York. Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion.
comments powered by Disqus
Follow RTT