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March 10, 2014
05:38 EDTDDRDDR Corp. accelerates asset sales, to sell Brazilian investment for $344M
DDR Corp. announced that it has signed a letter of intent to sell its 50% ownership interest in Sonae Sierra Brazil BV Sarl, a Luxembourg Company, to Alexander Otto and his affiliates for $343.6M. DDR's interest in SSB BV Sarl represents DDR's entire investment in Brazil. The gross proceeds of $343.6M consist of $283M from the negotiated price of R$26.00 per share of Sonae Sierra Brasil, a 67% premium to the closing price on the IBOVESPA as of March 7, and DDR's stake in Parque Dom Pedro, valued at $60.7M. The closing of the sale is expected to be completed in the next 30 days. The transaction is subject to negotiation of a definitive purchase and sale agreement and customary terms and conditions of closing. The proceeds from the sale are expected to be used for general corporate purposes, including for reinvestment in prime shopping center acquisitions and redevelopments in major U.S. markets.
News For DDR From The Last 14 Days
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September 15, 2014
08:03 EDTDDRDDR Corp. weakness creates attractive entry point, says SunTrust
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September 12, 2014
10:00 EDTDDROn The Fly: Analyst Downgrade Summary
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09:14 EDTDDROn The Fly: Pre-market Movers
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07:26 EDTDDRDDR Corp. downgraded to Hold from Buy at KeyBanc
KeyBanc downgraded DDR Corp to Hold based on valuation and a lower cap rate.
06:34 EDTDDRDDR Corp. downgraded to Neutral from Buy at UBS
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06:11 EDTDDRDDR Corp. should be bought on any weakness, says Deutsche Bank
Deutsche Bank recommends buying shares of DDR Corp. on any weakness following news that the company's CEO Dan Hurwitz will not renew his contract when it ends on December 31, 2015. Deutsche expects no near-term execution issues and keeps a Buy rating on DDR with a $19 price target.
September 11, 2014
16:03 EDTDDRDDR Corp. reports CEO Hurwitz to leave at end 2015
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September 9, 2014
09:54 EDTDDRDDR Corp. management to meet with ISI Group
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