logo
Share SHARE
FONT-SIZE Plus   Neg

Gazit America Forms Special Committee To Consider Acquisition Proposal

Gazit America Inc. (GAA.TO: Quote) 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: Quote) and First Capital Realty Inc. (FCR.TO: Quote) 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
US Steel Corp. (X) Tuesday said it will "adjust operations" and temporarily idle a part of its Minntac plant in Mt. Iron, Minnesota, effective June 1. According to reports, the move would see about 700 employees laid off. The company said the decision was due to its current inventory levels and ongoing... Hewlett-Packard Co. (HPQ) has filed a lawsuit against Michael Lynch, the co-founder of Autonomy Corp., and its former Financial Chief Sushovan Hussain for a whopping $5.1 billion alleging that the executives misrepresented the financial situation of Autonomy. An HP's spokeswoman confirmed that the... Nine acres of green grass with 400 trees and a half-mile-long walk way. We are not talking about any park, but the expansive rooftop of Facebook's new office. The 430,000 square feet office is a single room and it might be the largest open floor plan in the world.
comments powered by Disqus
RELATED NEWS
Trade EQY now with 
Follow RTT