Equity One Inc. last night formalized its pursuit of DIM Vastgoed N.V., a Dutch company that owns 17 properties in the southeast, by submitting a buyout offer of $20.50 per share in cash -- for a total of about $200 million. But, like its failed effort in August to take over Cedar Shopping Centers portfolio in the northeast, DIM's board has called Equity's offer too cheap.

"Management and supervisory board are of the opinion that the offered price is too low and that it would therefore not be in the interest of shareholders to support a bid at the indicated level," DIM said in a statement late Tuesday.

Equity One has not responded to DIM's comments.

DIM's largely grocery-anchored portfolio would complement Equity One's strength in the Southeast. Five of the properties are in Florida, where Equity One owns 81 other assets. Eight are in Georgia, three are in North Carolina and one is in Alabama. Equity One owns 24, 12 and three properties, respectively, in those states.

Equity One announced two weeks ago its interest in acquiring DIM. It's offer -- which was reported as it sent a letter to the supervisory and management boards of DIM -- represents a 14.5 percent premium over DIM's share price on Sept. 29, the day Equity One first revealed its intentions. The offer represents a 14.4 percent premium to DIM's average price 30 days before the announcement.

KeyBanc Capital Markets analyst Richard Moore estimated that the offer represented a 7.3 percent cap rate.

Equity One owns 629,156 shares of DIM -- about 9.1 percent of its outstanding stock.

--David Bodamer