TEL-AVIV, Israel, July 17, 2011 /PRNewswire via COMTEX/ -- Elbit Imaging Ltd. /quotes/zigman/61932/quotes/nls/emitf EMITF +1.33% ("Elbit" or the "Company") announced today, in continuance of its previous announcements dated March 10, 2011 and May 12, 2011, that the off-market takeover bid ("Offer") made by its subsidiary, EPN EDT Holdings II, LLC ("EPN") in March 2011, for all of the units in EDT Retail Trust ("EDT") not already held by EPN and its affiliates (collectively, the "EPN Group"), was concluded on July 14, 2011.
As a result of the purchases of EDT's units during the Offer period, the EPN Group has increased its interest in EDT from approximately 47.8% to approximately 96.4%.
EPN ultimately plans to compulsorily acquire the remaining EDT units under the terms of the Offer. Following compulsory acquisition of the remaining EDT units, EPN Group will become the holder of 100% of the outstanding units of EDT and it is expected that EDT will be removed from the official list of the Australian Stock Exchange shortly thereafter.
EDT is a listed real estate investment trust focused on investing predominately in U.S. community shopping centers with a premium quality portfolio of U.S. retail real estate in the value and convenience sector.EDT currently holds interests in 48 assets covering approximately 10.9 million square feet. According to EDT's financial statements, as of March 31 2011, EDT's shopping centre portfolio was approximately 89% leased, and EDT's portfolio value amounted to US$1.4 billion. EDT's total equity as of March 31, 2011 amounts to approximately US$ 529 million.
For a complete copy of the company's news release, please contact:
For a complete copy of the company's news release, please contact:
Mor Dagan
Tel: +972-3-516-7620, mor@km-ir.co.il
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