Exhibit 10.2
Equity One, Inc. 1600 NE Miami Gardens Drive North Miami Beach, FL 33179 305-947-1664 |
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For additional information at the Company: Howard Sipzner, EVP and CFO Media Contact: David Schull 305-446-2700 |
FOR IMMEDIATE RELEASE:
Equity One Proposes Acquisition of Cedar Shopping Centers, Inc. for $17.00 Cash per Outstanding
Common Share and Urges Cedar to Suspend its Proposed Nine Million Share Offering
Common Share and Urges Cedar to Suspend its Proposed Nine Million Share Offering
NORTH MIAMI BEACH, FL; August 4, 2005 – Equity One, Inc. (NYSE: EQY), an owner, developer and
operator of community and neighborhood shopping centers located in high growth markets in the
southern United States and the Boston, Massachusetts metropolitan area, announced today that it has
proposed in a letter to the Board of Directors of Cedar Shopping Centers, Inc. (NYSE: CDR) to
acquire Cedar at a price per common share of $17.00 payable in cash, and urged Cedar’s Board to
join in negotiations toward a definitive agreement. The proposed price represents an almost 14%
premium to the current trading price of Cedar’s common stock, and is conditional upon Cedar’s
immediate suspension of the nine million share offering it announced yesterday evening, as well as
other customary closing conditions, including the approval of Cedar’s shareholders. In connection
with this announcement, Equity One will file a copy of this press release and the aforementioned
letter with the Securities and Exchange Commission in an amendment to its Schedule 13D.
“We believe that our proposed transaction would provide maximum liquidity and value for Cedar’s
common shareholders while further enhancing Equity One as a first-class, real estate investment
trust focused on the ownership of supermarket-anchored shopping centers in the highly desirable
southern and eastern seaboard markets of the United States,” stated Chaim Katzman, Chairman and
Chief Executive Officer of Equity One. “We are very familiar with Cedar’s assets and operations
and believe they are highly complementary to our own. We have the capacity to finance and complete
this transaction for cash, but would be willing to consider an equity component if desirable to
Cedar’s Board and existing shareholders. We prefer to work cooperatively with Cedar’s management
and Board of Directors, and hope to commence these discussions as soon as possible to finalize the
terms of a definitive transaction. At the same time, we urge Cedar to immediately suspend the
proposed nine million share offering as we believe that it is highly dilutive to existing
shareholders and an expensive way to finance Cedar’s growth. We are concerned that a continuation
of their common stock offering will constrain Cedar’s future earnings growth, and could jeopardize
the security of Cedar’s common stock dividend.”
About Equity One, Inc.
Equity One is a real estate investment trust that principally acquires, renovates, develops and
manages neighborhood and community shopping centers anchored by national and regional supermarket
chains and other necessity-oriented retailers such as drug stores or discount retail stores. Our
19.5 million square foot portfolio consists of 188 properties encompassing 127 supermarket-anchored
shopping centers, eight drug store-anchored shopping centers, 43 retail-anchored shopping centers,
seven development parcels and three commercial properties, as well as a non-controlling interest in
one unconsolidated joint venture. For additional information, please visit our web site at
http://www.equityone.net.