Shopping center developer Regency Centers has proposed an acquisition of Houston-based counterpart AmReit in a merger that would unite major supermarket landlords in the South.
Regency, based in Jacksonville, Fla., proposed the deal by way of a public pronouncement, indicating AmReit was reticent to private talks between the companies. AmReit acknowledged the offer, which at $22 per share valued the developer at $433 million, and said its board of directors would consider it.
AmReit develops and operates upscale shopping centers in Atlanta, Houston, San Antonio, Dallas and Austin, leasing to Kroger, H-E-B, Publix and Randalls. Regency operates more than 300 centers.
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