Parkway, Thomas Properties To Combine In $1.2B Deal

Law360, New York (September 5, 2013, 6:24 PM EDT) -- Thomas Properties Group Inc. has agreed to merge with Parkway Properties Inc. in a stock-for-stock transaction valued at about $1.2 billion, the parties announced Thursday.

In connection with the deal, Thomas Properties shareholders will receive 0.38 shares of newly issued Parkway common stock in exchange for each share of Thomas Properties stock, for an implied $6.26 per share.

The price and share exchange was decided based on Parkway's closing stock price of $16.37 on Sept. 4, according to the companies.

“Our board believes that the combination...
To view the full article, register now.