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Jax Daily Record Thursday, Jul. 10, 201412:00 PM EST

Regency Centers offers to buy developer

by: Mark Basch Contributing Writer

Jacksonville-based Regency Centers Corp. announced Thursday morning it has made an offer to acquire a smaller shopping center developer.

Regency is offering to buy Houston-based AmREIT Inc. for $22 a share in cash or stock, a total of about $418 million.

AmREIT has 32 community shopping centers focused in Texas and in Atlanta. Regency operates 332 shopping centers across the country.

“We believe that there is a strong strategic, financial and operational rationale for the combination of Regency and AmREIT. We are confident that this transaction is in the best interests of both companies’ shareholders and have a great interest in moving forward toward the negotiation of final terms and documentation,” Regency CEO Hap Stein said in a news release.

AmREIT did not immediately respond to Regency’s offer Thursday morning.

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