Colonial Properties shareholders approve merger with Mid-America Apartment

theflyonthewall.com

Colonial Properties Trust (CLP) announced that at the special meeting of Colonial shareholders held earlier, shareholders voted overwhelmingly to approve the proposed merger with Mid-America Apartment Communities (MAA), pursuant to the definitive merger agreement dated June 3. Approximately 97% of the votes cast at the special meeting of shareholders voted in favor of the approval and adoption of the merger agreement, which represented approximately 77% of Colonial’s total outstanding common shares as of the August 22 record date for the special meeting. Subject to the satisfaction or waiver of the remaining conditions to closing, the merger is expected to close on Tuesday, October 1. Assuming completion of the merger, Colonial common shares are expected to be delisted after the close of trading on October 1. As a result of the merger, each Colonial common share will be converted into 0.360 of a newly issued share of MAA common stock. Shares of MAA common stock will continue to trade under the existing ticker symbol “MAA” on the New York Stock Exchange.

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