M&A · Financials · Real Estate Investment Trusts
Regency Centers Corp to acquire Urstadt Biddle Properties Inc
Announced May 18, 2023 · Closed May 23, 2023
Deal value$1.40BEV $1.40B
Premium—To unaffected price
EV / Adj. EBITDA16.2x9.6x EV / Revenue
ConsiderationAll stock$20.40 per share
Transaction
- Acquirer
- Regency Centers Corp (REG)
- Target
- Urstadt Biddle Properties Inc
- Buyer type
- Strategic
- Offer price per share
- $20.40
- Enterprise value
- $1.40B
- Status
- Closed May 23, 2023
Deal protections
- Break fee (target pays)
- $31.6M · 2.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- RBC Capital Markets, Wells Fargo
- To the target
- Eastdil Secured, Deutsche Bank
- Eastdil Secured fee
- $7.0M
Sector context · Financials
- Comparable deals
- 76 in the prior 24 months
- Premium
- Sector median 29.4%
- EV / Adj. EBITDA
- 16.2x vs. 24.7x sector median
- Break fee
- 2.3% vs. 3.5% sector median
Timeline
- AnnouncedMay 18, 2023
- Proxy filedJul 12, 2023
- Definitive proxyJul 12, 2023
- Shareholder voteAug 16, 2023
- ClosedAug 18, 2023
Valuation · fairness opinions
Other analysis$23.39$28.96
Other analysis$57.78$71.34
Trading comparables$16.69$23.56
Trading comparables$19.04$25.38
Trading comparables$41.80$56.43
Offer $20.40
Implied value per Urstadt Biddle Properties Inc share by analysis, from Eastdil Secured · DCF discount rate 9%–11%.