Source: MAA / #Apartments #Multifamily
MEMPHIS, TN - MAA announced that at its special meeting, shareholders overwhelmingly approved the proposed merger with Colonial Properties Trust, pursuant to the definitive merger agreement dated June 3, 2013. Approximately 87% of the outstanding shares of MAA common stock voted with respect to the proposed merger, with approximately 99% of the votes cast in favor of the proposed merger.
Subject to the satisfaction or waiver of the remaining conditions to closing, the merger is expected to close on Tuesday, October 1, 2013. Assuming completion of the merger, Colonial Properties Trust shares are expected to be delisted after the close of trading on October 1, 2013. As a result of the merger, each former Colonial Properties Trust common share will be converted into 0.36 of a newly issued MAA common share. Shares of MAA will continue to trade under the existing ticker symbol "MAA" on the New York Stock Exchange.
MAA is a self-managed real estate investment trust (REIT) that acquires, owns and operates apartment communities across 13 states in the Sunbelt region of the United States. As of September 27, 2013, MAA owned or had ownership interest in 49,005 apartment units, including units currently under development, focused on delivering full-cycle and superior investment performance for shareholders.