LXP Industrial Trust shareholders approved the company’s acquisition by Brookfield Asset Management and Canada Pension Plan Investment Board on Monday, moving the warehouse-property owner toward a planned November 2 closing.
More than 99% of votes cast at the special meeting favored the merger, LXP said in its announcement of the voting results. Those votes represented approximately 82% of the company’s outstanding common shares as of the record date.
Cash payment of $61.20 per share
Under the merger agreement announced July 20, LXP common shareholders will receive $61.20 in cash for each share they own. Monday’s announcement marks shareholder approval of that existing agreement, rather than a newly signed acquisition.
LXP said completion is expected on November 2, subject to the satisfaction or waiver of the merger agreement’s closing conditions. The vote therefore does not mean the transaction has already closed.
Once the acquisition is completed, the company’s shares will no longer be listed on the New York Stock Exchange or any other public market.
Warehouse and distribution portfolio
LXP is a real estate investment trust focused on Class A warehouse and distribution properties in 12 target markets across the Sunbelt and Midwest. Its investment activities include acquisitions, build-to-suit transactions, sale-leaseback transactions and development.
The company said final voting results will be filed with the Securities and Exchange Commission as part of its third-quarter Form 10-Q after certification by its inspector of election.
JBizNews Desk | West Palm Beach, Florida
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
