Cedar Realty Trust Announces Planned Tender Offer
Cedar Realty Trust (NYSE:CDRpB)(NYSE:CDRpC) has announced plans to commence a 'modified Dutch auction' tender offer on September 25, 2024. The offer aims to purchase up to $9 million of outstanding 6.50% Series C Cumulative Redeemable Preferred Stock at a price between $13.25 and $15.50 per share. The offer is expected to expire on October 24, 2024, unless extended.
The company will determine the lowest price within the specified range that allows it to purchase up to $9 million of Series C Shares. All shares will be purchased at the same final price. If more than $9 million worth of shares are tendered, purchases will be made on a pro rata basis. The offer is not contingent on financing or a minimum number of shares being tendered.
Georgeson will serve as the information agent, and Computershare Inc. as the depositary for the tender offer. Alston & Bird LLP is acting as counsel to the company.
Cedar Realty Trust (NYSE:CDRpB)(NYSE:CDRpC) ha annunciato piani per avviare un 'offerta di acquisto in asta olandese modificata' il 25 settembre 2024. L'offerta mira ad acquistare fino a 9 milioni di dollari di azioni privilegiate cumulabili di Serie C con un tasso del 6,50% a un prezzo compreso tra 13,25 e 15,50 dollari per azione. L'offerta dovrebbe scadere il 24 ottobre 2024, a meno che non venga prorogata.
La società determinerà il prezzo più basso entro il range specificato che le consente di acquistare fino a 9 milioni di dollari di Azioni di Serie C. Tutte le azioni saranno acquistate allo stesso prezzo finale. Se verranno offerte azioni per un valore superiore a 9 milioni di dollari, gli acquisti saranno effettuati su base pro rata. L'offerta non è subordinata a finanziamenti o a un numero minimo di azioni offerte.
Georgeson fungerà da agente informativo e Computershare Inc. come deposito per l'offerta di acquisto. Alston & Bird LLP agisce come consulente per la società.
Cedar Realty Trust (NYSE:CDRpB)(NYSE:CDRpC) ha anunciado planes para iniciar una 'oferta de compra tipo subasta holandesa modificada' el 25 de septiembre de 2024. La oferta tiene como objetivo comprar hasta 9 millones de dólares de acciones preferentes acumulativas de la Serie C con una tasa del 6,50% a un precio entre 13,25 y 15,50 dólares por acción. Se espera que la oferta expire el 24 de octubre de 2024, a menos que se extienda.
La empresa determinará el precio más bajo dentro del rango especificado que le permita comprar hasta 9 millones de dólares en acciones de la Serie C. Todas las acciones se comprarán al mismo precio final. Si se ofrecen acciones por un valor superior a 9 millones de dólares, las compras se realizarán de manera prorrata. La oferta no está sujeta a financiamiento ni a un número mínimo de acciones ofrecidas.
Georgeson servirá como agente de información, y Computershare Inc. como el depositario de la oferta de compra. Alston & Bird LLP actúa como consejero de la empresa.
시더 리얼티 트러스트 (NYSE:CDRpB)(NYSE:CDRpC)는 2024년 9월 25일에 '변형 네덜란드 경매' 입찰 제안을 시작할 계획을 발표했습니다. 이 제안은 900만 달러의 미결제 6.50% 시리즈 C 누적 리딤 우선주를 주당 13.25달러에서 15.50달러 사이의 가격으로 구매하는 것을 목표로 합니다. 이 제안은 2024년 10월 24일에 만료될 것으로 예상되며, 연장되지 않는 한 유효합니다.
회사는 최대 900만 달러의 시리즈 C 주식을 구매할 수 있도록 지정된 범위 내에서 가장 낮은 가격을 결정할 것입니다. 모든 주식은 동일한 최종 가격에 구매됩니다. 만약 900만 달러 이상의 주식이 제출된 경우, 구매는 비율에 따라 이루어집니다. 이 제안은 자금 조달이나 제출된 최소 주식 수에 의존하지 않습니다.
조지슨(Georgeson)은 정보 대리인으로, 컴퓨터쉐어(Computershare Inc.)는 입찰 제안의 예치 기관으로 역할을 수행합니다. 올스턴 앤드 버드 LLP는 회사의 법률 자문을 맡고 있습니다.
Cedar Realty Trust (NYSE:CDRpB)(NYSE:CDRpC) a annoncé des plans pour lancer une 'offre d'achat par enchères néerlandaises modifiée' le 25 septembre 2024. L’offre vise à acquérir jusqu’à 9 millions de dollars d’actions privilégiées cumulatives de la série C avec un taux de 6,50% à un prix compris entre 13,25 et 15,50 dollars par action. L’offre devrait expirer le 24 octobre 2024, à moins qu’elle ne soit prolongée.
La société déterminera le prix le plus bas dans la fourchette spécifiée qui lui permet d'acheter jusqu'à 9 millions de dollars d'actions de la série C. Toutes les actions seront achetées au même prix final. Si des actions d'une valeur supérieure à 9 millions de dollars sont soumises, les achats seront effectués au prorata. L’offre n’est pas conditionnée à un financement ou à un nombre minimum d’actions à soumettre.
Georgeson agira en tant qu'agent d'information, et Computershare Inc. en tant que dépositaire de l'offre d'achat. Alston & Bird LLP agit en tant que conseiller juridique de la société.
Cedar Realty Trust (NYSE:CDRpB)(NYSE:CDRpC) hat Pläne angekündigt, am 25. September 2024 ein 'modifiziertes niederländisches Auktionsangebot' zu starten. Das Angebot zielt darauf ab, bis zu 9 Millionen Dollar an ausstehenden 6,50% kumulierten Vorzugsaktien der Serie C zu einem Preis von 13,25 bis 15,50 Dollar pro Aktie zu kaufen. Das Angebot soll am 24. Oktober 2024 ablaufen, sofern es nicht verlängert wird.
Das Unternehmen wird den niedrigsten Preis innerhalb des angegebenen Rahmens festlegen, der es ihm ermöglicht, bis zu 9 Millionen Dollar an Serien-C-Aktien zu kaufen. Alle Aktien werden zum gleichen Endpreis gekauft. Wenn Aktien im Wert von mehr als 9 Millionen Dollar angeboten werden, erfolgen die Käufe im Verhältnis. Das Angebot ist nicht von der Finanzierung oder einer Mindestanzahl an angebotenen Aktien abhängig.
Georgeson wird als Informationsagent fungieren, und Computershare Inc. als Verwahrer des Angebots. Alston & Bird LLP fungiert als Rechtsberater für das Unternehmen.
- Potential to reduce outstanding preferred stock, potentially improving the company's capital structure
- Offer price range ($13.25 - $15.50) represents a potential premium to the last trading price ($13.98 on September 24, 2024)
- Opportunity for shareholders to liquidate their holdings at a potentially favorable price
- Reduction in cash reserves of up to $9 million to fund the tender offer
- Potential decrease in the number of outstanding preferred shares, which could reduce liquidity for remaining shareholders
Insights
Cedar Realty Trust's planned "modified Dutch auction" tender offer for up to
This tender offer could benefit the company by reducing its preferred stock obligations and potentially lowering its cost of capital. For investors, it presents an opportunity to liquidate their holdings at a possible premium, depending on the final purchase price. However, the pro-rata purchase mechanism if oversubscribed means not all tendered shares may be accepted.
The use of available cash for this repurchase suggests the company has sufficient liquidity. Investors should carefully consider the offer terms and their own financial situations before deciding to participate. The lack of a minimum tender requirement indicates the company's flexibility in executing this capital management strategy.
The planned tender offer by Cedar Realty Trust adheres to regulatory requirements, with the company emphasizing its compliance with SEC filing procedures. Key legal aspects include:
- Filing a tender offer statement on Schedule TO with the SEC
- Providing detailed offer terms in the offer to purchase and related materials
- Allowing shareholders to withdraw tendered shares before the expiration time
- Implementing a pro-rata purchase mechanism if oversubscribed, ensuring fair treatment of shareholders
The company's disclaimer that it's not making recommendations and urging shareholders to consult their advisors demonstrates proper disclosure practices. This approach mitigates potential legal risks associated with influencing shareholder decisions.
The engagement of Alston & Bird LLP as counsel further indicates the company's commitment to legal compliance throughout the tender offer process. Shareholders should review the official tender offer documents for complete legal details once filed with the SEC.
VIRGINIA BEACH, VA / ACCESSWIRE / September 25, 2024 / Cedar Realty Trust, Inc. (NYSE:CDRpB)(NYSE:CDRpC) (the "Company") announced today that it plans to commence on September 25, 2024 a "modified Dutch auction" tender offer (the "Offer") to purchase up to an aggregate amount paid of
The Offer is expected to commence on September 25, 2024, and is intended to expire at 5:00 p.m., New York City time, on Thursday, October 24, 2024, unless the offer is extended. Tenders of Series C Shares must be made prior to the expiration of the Offer and may be withdrawn at any time prior to the expiration time, in each case, in accordance with the procedures described in the tender offer materials. The Company intends to pay for the shares repurchased in the Offer with available cash. The closing price of the Series C Shares on the New York Stock Exchange on September 24, 2024, the last full trading day before the planned commencement of the tender offer, was
A "modified Dutch auction" tender offer allows stockholders to indicate how many shares of stock and at what price within the specified offer range they wish to tender their stock. Based on the number of Series C Shares tendered and the prices specified by the tendering stockholders, the Company will determine the lowest price per Series C Share within the specified range that will enable it to purchase up to an aggregate amount paid of
If, based on the Final Purchase Price, more than an aggregate amount paid of
The Offer will not be contingent upon the receipt of financing or any minimum number of Series C Shares being tendered. However, the Offer is subject to a number of other terms and conditions, which will be described in detail in the offer to purchase for the Offer. Specific instructions and a complete explanation of the terms and conditions of the Offer will be contained in the offer to purchase, the related letter of transmittal and other related materials, which will be mailed to stockholders of record promptly after commencement of the Offer.
While the Company's Board of Directors has authorized the Company to make the Offer, none of the Company, its Board of Directors, the Company's officers, the information agent, or the depositary makes any recommendation as to whether to tender or refrain from tendering Series C Shares or as to the price at which to tender them. The Company has not authorized any person to make any such recommendation. Stockholders must make their own decision as to whether to tender their Series C Shares and, if so, how many Series C Shares to tender and the purchase price or purchase prices at which they will tender them. In doing so, stockholders should consult their own financial and tax advisors and read carefully and evaluate the information in the Offer documents, when available.
Georgeson LLC is serving as information agent for the tender offer and Computershare Inc. is serving as the depositary for the tender offer. Alston & Bird LLP is serving as counsel to the Company for the tender offer. Once commenced, for all questions relating to the tender offer, please call the information agent, Georgeson LLC toll-free at (866) 735-3807; banks and brokers may call the depositary, Computershare Inc., at (800) 736-3001.
Additional Information Regarding the Tender Offer
This communication is for informational purposes only and is not a recommendation to buy or sell the Company's Series C Shares or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell the Company's Series C Shares or any other securities. On the commencement of the Offer, the Company will file a tender offer statement on Schedule TO, including an offer to purchase, letter of transmittal and related materials, with the SEC. The Offer will only be made pursuant to the offer to purchase, letter of transmittal and related materials filed as a part of the Schedule TO. Stockholders should read carefully the offer to purchase, letter of transmittal and related materials because they contain important information, including the various terms of, and conditions to, the Offer. Once the Offer is commenced, stockholders will be able to obtain a free copy of the tender offer statement on Schedule TO, the offer to purchase, letter of transmittal and other documents that the Company will be filing with the SEC at the SEC's website at www.sec.gov or from the information agent for the tender offer.
About Cedar Realty Trust
Cedar Realty Trust, Inc., a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, Inc., is a Maryland corporation (taxed as a real estate investment trust ("REIT")) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers in the Northeast. Cedar's portfolio comprises 17 properties, with approximately 2.6 million square feet of gross leasable area.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.whlr.us.
Contact Information:
Cedar Realty Trust, Inc.
(757) 627-9088
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "should", "estimates", "projects", "anticipates", "believes", "expects", "intends", "future", and words of similar import, or the negative thereof. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. You are cautioned to not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Cedar Realty Trust, Inc.
View the original press release on accesswire.com
FAQ
What is the price range for Cedar Realty Trust's tender offer for Series C Preferred Stock (CDRPB)?
When does Cedar Realty Trust's tender offer for CDRPB shares begin and end?
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What type of tender offer is Cedar Realty Trust conducting for CDRPB shares?
