The Fort Worth-based REIT previously indicated the deal would godown in September. The new date is included in its notices ofredemption for the 6.75% Series A convertible cumulative preferredshares and 9.5% Series B cumulative redeemable preferred shares.The plan is to redeem the shares immediately prior to the mergerclosing. The redemption will be terminated if the merger is delayedor falls out.
Based on an Aug. 3 redemption date, Crescent will pay Series Ashareholders $25.36 per share, which includes an unpaid dividend,and Series B holders will get $25.51 per share, including an unpaiddividend. Should the merger close after Aug. 3, shareholders willearn another $0.0047 per day on Series A preferred stock and$0.0066 per day on Series B preferred.
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