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NORTH MIAMI BEACH, FL-In accordance with Dutch securities law, Equity One has released to the public its $20.50-per-share offer it previously submitted to the management of Rotterdam-based Dim Vastgoed NV, which owns 17 shopping centers in the Southeastern US. That offer puts the bid’s price tag at about $151.7 million for the approximately 7.4 million outstanding shares. The entire contents of the locally based suitor’s offer memorandum will be published following approval by the Dutch securities regulatory body, Arthur Gallagher, general counsel for Equity One tells GlobeSt.com.

“There were limited discussions [with Dim Vastgoed management] that went nowhere,” Gallagher says. “We have invited management to discuss the recommended offer. If they’re willing to discuss it, we’ll talk.” Otherwise, he says, Equity One will make an unsolicited offer.

On Sept. 29, when the offer was first provided to Dim Vastgoed, it represented a 14.5% premium over the closing price of $17.90 a share USD on the Euronext Amsterdam exchange. It represented a 23.5% premium over the average closing price of $16.60 a share for the 12-months period prior to that date.

However, by mid-day here today, shares of Dim Vastgoed stock hit $20.95 a share USD. Also, today, an analyst at Netherlands-based F. vanLanshot of Bankiers deemed, “Equity One’s bid of USD $20.50 below intrinsic value.” Directly or indirectly, Equity One currently owns 629,156 ordinary shares of Dim Vastgoed stock, which represents just over 9.1% of the issued and outstanding shares.

The bid for Dim Vastgoed follows Equity One’s August offer to buy Port Washington, NY-based Cedar Shopping Centers. The offer was withdrawn for lack of a timely response.

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