Equity One Bid Falling on Cedar

The shopping center developer says it wants to talk.
Author:
Publish date:

Equity One

(EQY)

unveiled an unsolicited $17-a-share cash bid for rival shopping center developer

Cedar Shopping Centers

(CDR) - Get Report

.

The North Miami Beach, Fla., company said its proposal would give holders of Port Washington, N.Y.-based Cedar a 14% premium to recent trading prices. Equity One also called on Cedar to withdraw a 9-million-share offering it announced Wednesday.

Shares in both companies were halted Thursday.

"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," said Equity One Chief Chaim Katzman. "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."