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Article: Outlet Mall Operator Prime Retail Being
- Article from:
- AP Online
- Article date:
- July 9, 2003
CopyrightThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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Dateline: BALTIMORE
A New Jersey-based real estate company has agreed to buy financially
troubled Prime Retail Inc., an outlet mall owner, for $115 million,
the companies said.
Lightstone Group LLC would assume $523 million of Prime's debt in
addition to what it pays shareholders for their stock, the companies
said Tuesday.
Under the proposal announced after the market's close Tuesday, Lightstone
would pay 18 cents a share for Prime Retail common stock, a premium
of 42 percent over the average closing price in June.
Prime's shares rose 4.2 cents to close at 16.2 in the over-the-counter
market.
Baltimore-based Prime is the nation's second-largest owner of outlet ...