Regency Centers Corp. and Equity One Inc. will hold separate special shareholder meetings in 2017 to vote on their proposed merger, according to a joint filing.
Under the deal, Equity One will merge with and into Regency, with the latter continuing as the surviving public company. Each Equity One common share will be converted into 0.45 share of newly issued Regency common stock. The transaction, which is expected to close in the first quarter or early in the second quarter of 2017, will create a shopping center REIT with a $15.6 billion total market cap, the companies said in announcing the deal in November.
In conjunction with the Equity One acquisition, Regency registered 68,763,996 common shares in an offering valued at about $4.55 billion.
At Regency's special meeting, its shareholders will also vote on the company's proposals to increase its authorized common shares and expand its board's size to 12 directors.