Kite Realty Group Shareholders And Retail Properties Of America Stockholders Approve Merger

Author: Benzinga Newsdesk | October 19, 2021 03:16pm

Kite Realty Group Trust (NYSE:KRG), a premier owner and operator of open-air, grocery-anchored shopping centers, and Retail Properties of America, Inc. (NYSE:RPAI), a first-class owner and operator of high-quality, open-air and mixed-use shopping centers, announced today that KRG shareholders and RPAI stockholders approved all of the proposals necessary for the closing of the previously announced merger of RPAI into a subsidiary of KRG, with KRG continuing as the surviving public company.

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.

At the special meeting of RPAI stockholders, approximately 98.1% of the votes 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 final voting results will be reported on a Form 8-K filed with the Securities and Exchange Commission by each of KRG and RPAI with respect to their applicable special meetings.

The merger is expected to close on October 22, 2021, subject to the satisfaction or waiver of customary closing conditions. Upon completion of the merger, pursuant to the terms of the definitive merger agreement entered into by and between KRG and RPAI on July 18, 2021, RPAI stockholders will be entitled to receive 0.623 newly issued KRG common shares for each share of RPAI common stock that they owned immediately prior to the effective time of the merger. Upon completion of the merger, the common shares of the combined company will trade under the ticker symbol "KRG" on the NYSE, and RPAI's common stock will be delisted from the NYSE.

Posted In: KRG RPAI