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Kite, RPAI Shareholders Sign Off on Merger
Shareholders of Kite Realty Group Trust (KRG) and Retail Properties of America, Inc. (RPAI) have approved all the proposals necessary for the closing of the previously announced merger of RPAI into a subsidiary of KRG. Indianapolis-based KRG will continue as the surviving public company, with an enterprise value of $7.5 billion.
At the special meeting of KRG shareholders, approximately 99.7% of the votes were cast for the approval of the issuance of common shares to RPAI stockholders in the merger, which represented approximately 88.0% of the outstanding shares of KRG common stock.
Among RPAI stockholders, approximately 98.1% of the votes at the special meeting were cast for the approval of the merger agreement and the merger, which represented approximately 79.7% of the outstanding shares of RPAI common stock.
The merger of the two retail REITs is expected to close on Oct. 22.
- ◦Sale/Acquisition
