INDIANAPOLIS—Kite Realty Group Trust andInland Diversified Real Estate Trust, whichannounced a $1-2-billion merger in February, are in thelatter stages of making the union a reality. The two REITs saidFriday that the final exchange ratio had been determined, with eachshare of Inland Diversified common stock converted into 1.707shares of Kite Realty common stock upon the merger's closing.
A special meeting of Inland Diversified's shareholders is slatedfor this coming Tuesday at the REIT's Oak Brook, IL headquarters.The Inland Diversified board has recommended shareholder approval,and the company says shareholder votes thus far have been 94% inapproval of the merger.
Following the merger, which is expected to occur on or aroundJuly 1, the combined company will retain the name Kite Realty GroupTrust. It will continue to trade on the New York Stock Exchangeunder the symbol KRG.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
