April 11 (Reuters) - INMOBILIARIA COLONIAL SOCIMI SA :
* SAID ON TUESDAY BOARDS OF COLONIAL AND AXIARE HAVE APPROVED COMMON DRAFT OF TERMS OF MERGER BETWEEN COLONIAL AS THE ABSORBING COMPANY AND AXIARE AS THE ABSORBED COMPANY
* MERGER WILL ENTAIL DISSOLUTION OF AXIARE WITHOUT LIQUIDATION WITH TRANSFER OF ALL ITS ASSETS TO COLONIAL
* EXCHANGE RATIO OF MERGER IS 1.8554 SHARE OF COLONIAL AT 2.50 EUROS PER SHARE FOR EACH AXIARE SHARE OF 10 EUROS PER SHARE
* JP MORGAN SECURITIES CONSIDERS THE EXCHANGE RATIO FAIR TO COLONIAL FROM A FINANCIAL POINT OF VIEW, CREDIT SUISSE CONSIDERS THE EXCHANGE RATIO FINANCIALLY REASONABLE FOR AXIARE’S SHAREHOLDERS
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