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Equity Commonwealth Scraps Monmouth Merger as Shareholder Approval Falls Short
Equity Commonwealth (EQC) and Monmouth Real Estate Investment Corporation said Tuesday that the planned merger between the two companies was off. Although EQC shareholders approved the combination at a special meeting Tuesday, Monmouth’s shareholders did not, with approval of the merger falling short of the mandatory threshold.
Accordingly, EQC has terminated the merger agreement and has requested reimbursement of fees and expenses pursuant to its terms.
“While we are disappointed with the results of Monmouth’s shareholder vote, we are proud of the efforts of the EQC team throughout the process,” said David Helfand, Chicago-based EQC’s president and CEO.
At Holmdel, NJ-based Monmouth, president and CEO Michael Landy said, “While we recognize that stockholders have a wide range of views and differing time-horizons and tax considerations, we are disappointed in the outcome of today’s vote. We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector.”
- ◦Sale/Acquisition
