Kite-Inland Diversified Merger Advances

INDIANAPOLIS—Kite Realty Group Trust and Inland Diversified Real Estate Trust, which announced a $1-2-billion merger in February, are in the latter stages of making the union a reality. The two REITs said Friday that the final exchange ratio had been determined, with each share of Inland Diversified common stock converted into 1.707 shares of Kite Realty common stock upon the merger’s closing.

A special meeting of Inland Diversified’s shareholders is slated for 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% in approval of the merger.