Article: Aegis Realty, Inc. Signs Definitive Merger Agreement With Phillips Edison, LTD; Aegis Stockholders to Receive $11.52 Per Share in Cash.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 24, 2002

Aegis Realty Inc., ("Aegis"), (AMEX:AER) today announced that it has entered into a definitive merger agreement with a subsidiary of Phillips Edison, LTD ("PECO"), a privately held owner of grocery-anchored community shopping centers, whereby Aegis will merge with and into PECO. Pursuant to the merger agreement, PECO will acquire Aegis' entire portfolio of shopping center assets, consisting of 28 community shopping centers in 15 states, aggregating over 3.1 million square feet of gross leasable area. As part of the total consideration that is being paid by PECO, each share of Aegis' issued and ...

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