LBA Realty to Buy Bedford

Bedford Property Investors Inc., Lafayette, Calif., has announced an agreement under which it will be acquired by an affiliate of LBA Realty LLC, Irvine, Calif.The agreement provides that Bedford's stockholders will receive $27.21 per share in cash for each share of Bedford's common stock and will cease to be stockholders in the company. Of the per-share total, $27 would be payable upon the consummation of the merger, and the rest would be paid in the form of a regular dividend of $0.21 for the quarter ending March 31. Bedford's series A and B cumulative redeemable preferred stock will remain outstanding after the closing of the transaction, which is expected to occur late in the second quarter. Bedford, an equity real estate investment trust, can be found online at http://www.bedfordproperty.com.