New Plan Excel (NYSE:NXL)
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Super MergerSub Inc. (“MergerSub”),
an affiliate of Centro Properties Group (ASX:CNP), announced today that
it has accepted for payment all of the additional shares of common stock
of New Plan Excel Realty Trust, Inc. (NYSE:NXL) that have been validly
tendered. The total shares tendered represent approximately 88.0% of New
Plan’s outstanding shares of common stock.
MergerSub also announced that it intends to exercise the “top-up”
option and intends to proceed to closing.
Approximately 22,096,621 additional shares of common stock were validly
tendered pursuant to the subsequent offering period of MergerSub’s
tender offer prior to 12:00 midnight, New York City time, on April 18,
2007, the expiration date for the subsequent offering period. The shares
of common stock tendered during the subsequent offering period, together
with the shares of common stock tendered during the initial offering
period of MergerSub’s tender offer comprise
the 88.0% (or approximately 91,202,530 total shares) referenced above.
MergerSub currently intends to exercise the top-up option under the
previously announced merger agreement to purchase from New Plan a number
of additional shares of common stock sufficient to permit MergerSub to
effect a short-form merger of MergerSub into New Plan under Maryland law
without the vote of or any other action by the remaining New Plan
stockholders.
If the top-up option is exercised, it is anticipated that the short-form
merger will become effective on or about April 20, 2007.
About Super Merger Sub Inc. and Centro Properties Group (ASX:CNP)
Super MergerSub Inc. is a company formed by affiliates of Centro
Properties Group. Centro Properties Group specializes in the ownership,
management and development of shopping centers. Centro is Australia’s
largest manager of retail property investment syndicates with over 80%
market share as well as being a leading manager of direct property funds
and wholesale funds which invest in Centro’s
quality retail properties in Australasia and the United States. Centro
has a market capitalization of A$7.6 billion and funds under management
of A$15.6 billion. Centro continues to maximize returns to investors
through its customer focused and value adding team based approach.
Please visit www.centro.com.au.
About New Plan Excel Realty Trust, Inc. (NYSE:NXL)
New Plan is one of the nation’s largest real
estate companies, focusing on the ownership, management and development
of community and neighborhood shopping centers. The Company operates as
a self-administered and self-managed REIT, with a national portfolio of
467 properties, including 177 properties held through joint ventures,
and total assets of approximately $3.5 billion. The properties are
strategically located across 38 states and include 453 community and
neighborhood shopping centers, primarily grocery or name-brand discount
chain anchored, with approximately 67.6 million square feet of GLA, and
14 related retail real estate assets, with approximately 658,000 square
feet of GLA. For additional information, please visit www.newplan.com.
Forward-Looking Statements
This release contains forward-looking statements with respect to the
completion of the transactions described herein. This forward-looking
information is based on certain assumptions, including, among others,
the tender of shares by New Plan stockholders and the satisfaction of
certain conditions to the transactions. This forward-looking information
may prove to be inaccurate and actual results may differ from those
presently anticipated. Neither Centro nor MergerSub undertakes any
obligation to publicly update any forward-looking statements, whether as
a result of new information, future events or otherwise.