logo
Plus   Neg
Share
Email
Comment

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
ASML Holding NV reported higher profit and sales in its fourth quarter with increased system sales, despite weak gross margin. Going ahead, the company projects continued solid growth of sales and profitability in 2018. Separately, ASML said its Supervisory Board intends to appoint Roger Dassen as Executive Vice President and Chief Financial Officer, effective June 1. Google plans to commission three underwater cables in 2019 as part of efforts to expand its cloud business amid stiff competition from rivals Microsoft and Amazon. The three fiber-optic subsea cables will run across different routes. Google noted that it has spent $30 billion to improve its infrastructure over three years. McDonald's Corp. said Tuesday that all of its packaging worldwide will come from renewable, recycled or certified sources by 2025, up from the current figure of 50 percent. The fast food giant also aims to recycle guest packaging in all its restaurants by then, compared with only 10 percent of its restaurants currently.
comments powered by Disqus
Follow RTT