Excel Legacy Corp. Completes Tender Offer for Price Enterprises Inc. Common Stock.SAN DIEGO--(BUSINESS WIRE)--Nov. 5, 1999-- Excel Legacy Corp. (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) ("Legacy") today announced that it has completed its exchange offer for the common stock of Price Enterprises Inc. ("Enterprises") at $8.50 per share, comprised of $4.25 per share in cash, $2.75 per share in principal amount of Legacy's 9% Convertible Redeemable Subordinated Secured Debentures due 2004, which will be convertible at any time into shares of Legacy Common Stock at $5.50 per share, and $1.50 per share in principal amount of Legacy's 10% Senior Redeemable Secured Notes due 2004. The offer expired by its terms at 12:00 Midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Nov. 3, 1999. Based on information provided by Norwest Bank Minnesota, N.A., as exchange agent, 12,151,387 shares of the Enterprises common stock, representing approximately 91% of the outstanding common stock, were tendered by stockholders (including shares subject to guaranteed delivery) prior to the offer's expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created . Excel Legacy is a public real estate company organized to create value through the acquisition, development and management of real property and real estate-related operating companies operating company A business that engages in transactions with outsiders. . |
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