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Parkway Properties Inc Agrees To Merger With Thomas Properties Group Inc In Stock-For-Stock Transaction Valued At $1.2 Billion

Thursday, 5 Sep 2013 07:09am EDT 

Parkway Properties Inc and Thomas Properties Group, Inc announced that they have signed a definitive merger agreement pursuant to which Thomas Properties will merge with and into Parkway in a stock-for-stock transaction valued at approximately $1.2 billion. The merger agreement was unanimously approved by the board of directors of each company following receipt of fairness opinions, and the transaction is expected to close by the end of the fourth quarter of 2013, subject to the approval of stockholders of both companies, receipt of certain third party consents and other customary closing conditions. Under the terms of the merger agreement, Thomas Properties' shareholders will receive 0.3822 shares of newly issued Parkway common stock in exchange for each share of Thomas Properties common stock, for an implied price per share of $6.26 based on Parkway's closing stock price of $16.37 on September 4, 2013. Upon completion of the transaction, Parkway will assume Thomas Properties' ownership interest in two office properties in Houston, Texas and five office properties in Austin, Texas. Parkway also has separately reached an agreement with Brandywine Realty Trust to sell substantially all of Thomas Properties' ownership interest in two office properties located in Philadelphia, Pennsylvania known as Commerce Square, based on an agreed-upon property value of $332 million, which sale will close concurrent with and be subject to the closing of the merger transaction. 

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