Kimco Message Board - Msg: 22609725

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Strategies & Market Trends : Kimco

KIM 20.42

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Jan 9 9:30 AM EST

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From: JakeStraw	7/10/2006 11:23:36 AM
	of 6

Kimco to Acquire Pan Pacific biz.yahoo.com Monday July 10, 10:58 am ET Kimco Realty Plans to Acquire Pan Pacific for $2.9 Billion NEW YORK (AP) -- Kimco Realty Corp., a real estate investment trust focused on shopping centers, on Monday said it plans to acquire Pan Pacific Retail Properties Inc. for $2.9 billion in cash and stock. San Diego-based Pan Pacific holds a portfolio of 138 retail properties totaling roughly 22.6 million square feet. Under the terms of the deal, Kimco will acquire all the outstanding shares of Pan Pacific for $70 per share. Kimco may choose to issue up to $10 per share of the total purchase price in common stock. Kimco, which is based in New Hyde Park, N.Y., will also assume about $1.1 billion in Pan Pacific debt as part of the transaction. The company said it has secured $3 billion in financing commitments, which it may use to fund the acquisition.

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