RPT Realty Shareholders Approve Mergers
Portfolio Pulse from Benzinga Newsdesk
RPT Realty shareholders have overwhelmingly approved the mergers with Kimco Realty Corporation, with 99.8% of votes in favor. The mergers are set to close on January 2, 2024, subject to customary closing conditions. RPT common shareholders will receive 0.6049 Kimco shares for each RPT share, and RPT Preferred Shareholders will receive Kimco Class N Preferred Stock on a 1:1000 basis. Post-merger, the combined company will trade under the ticker 'KIM' on the NYSE, and RPT's shares will be delisted.
December 12, 2023 | 9:20 pm
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POSITIVE IMPACT
Kimco Realty is set to complete the merger with RPT Realty, with RPT shareholders receiving Kimco stock as part of the deal. The combined company will trade under the ticker 'KIM'.
The merger with RPT is likely to have a positive short-term impact on Kimco's stock as it consolidates its market position. The issuance of new shares to RPT shareholders could dilute existing shares, but the overall market reaction is expected to be positive given the strategic nature of the merger.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
RPT Realty's shareholders have approved the merger with Kimco, with a high approval rate. RPT shares will be exchanged for Kimco stock and delisted post-merger.
The approval of the merger by RPT shareholders is a significant step towards finalizing the deal. The high approval rate and the upcoming delisting of RPT shares indicate a strong short-term positive impact on RPT's stock as it approaches the merger completion date.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100