LBA Realty Completes Acquisition of Bedford Property Investors, Inc.
May 05 2006 - 1:37PM
Business Wire
Bedford Property Investors, Inc. (NYSE:BED) and LBA Realty LLC
today jointly announced that Bedford Property Investors, Inc.
completed its merger with LBA Realty Fund II - WBP I LLC on May 5,
2006. LBA Realty Fund II - WBP I LLC is an affiliate of LBA Realty
LLC. Under the terms of the merger agreement, each share Bedford
common stock has been converted into the right to receive $27.00 in
cash. Letters of transmittal regarding the procedures to deliver
shares of Bedford common stock will be sent to former Bedford
common stockholders in the near future. Shares of Bedford's 8.75%
Series A Cumulative Redeemable Preferred Stock and 7.625% Series B
Cumulative Redeemable Preferred Stock will remain issued and
outstanding. As a result of the merger, Bedford common stock and
Bedford Series B Preferred Stock will no longer be listed on the
New York Stock Exchange. About Bedford Property Investors Bedford
Property Investors is a self-administered equity real estate
investment trust (REIT) with investments in suburban office
buildings and industrial properties concentrated in the western
United States. Its common stock was traded on the New York Stock
Exchange and the Pacific Exchange under the symbol "BED" and its
web site is www.bedfordproperty.com. About LBA Realty LBA Realty
LLC (LBA) is a full service real estate investment and management
company. LBA, with its headquarters in Irvine and offices in Los
Angeles, San Diego and San Jose, operates in California as well as
other western markets including the Pacific Northwest, Colorado and
Arizona. LBA owns a portfolio of office and industrial properties
totaling over 19 million square feet, including the Bedford
portfolio, and invests on behalf of LBA's institutional investment
funds.
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