From Earlier: Gazit-Globe and First Capital Realty Announce Proposal to Take Gazit America Private

Gazit-Globe GZT announced yesterday that on Friday, May 4, 2012, it has submitted, together with First Capital Realty, a non-binding preliminary proposal to Gazit America with respect to the acquisition by Gazit-Globe of all of the common shares of Gazit America not already beneficially owned by Gazit-Globe (approximately 26.9%) for consideration valued at CAD $7.07 for each share of Gazit America, payable in cash and common shares of First Capital Realty. The consideration will include a cash portion of CAD $2.90 and a 0.2222 of First Capital Realty common share (for each share of Gazit America). As part of the preliminary proposal, First Capital Realty offered to purchase the shares of Gazit America's subsidiary, ProMed Properties (CA), which owns 12 medical office and retail properties in Canada and a 50% interest in an additional property jointly owned with First Capital Realty, totaling approximately 86,000 square meters (approximately 930,000 square feet) of leasable space and includes mortgages on the properties, for total consideration of approximately CAD $97.1 million. Payment for ProMed Properties (CA) shares will be made by approximately 5.2 million of First Capital Realty common shares.