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The transaction will help Regency expand its footprint in grocery-anchored shopping centers in suburban trade areas.
Regency’s CEO Lisa Palmer said “the portfolio that Urstadt Biddle has carefully assembled over more than 50 years offers a highly aligned demographic and merchandising profile to Regency.”
Under the terms of the deal, Urstadt stockholders will receive 0.347 of a newly-issued REG share for each Class A Common (UBA) and Common (UBP) share they own.
This works out to $20.40 per share, and represents a premium of about 21% to Urstadt’s last close.
