Spirit Realty Capital Shareholders Approve Realty Income Merger
Portfolio Pulse from Benzinga Newsdesk
Spirit Realty Capital, Inc. (NYSE:SRC) shareholders have overwhelmingly approved the merger with Realty Income Corporation (NYSE:O), with 99.8% of votes in favor. The merger, which does not require Realty Income shareholder approval, is set to close on January 23, 2024. Spirit common shareholders will receive 0.762 Realty Income shares for each Spirit share, and Spirit's preferred stock will be exchanged for Realty Income preferred stock, expected to trade under the symbol 'O PR'.
January 19, 2024 | 9:07 pm
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POSITIVE IMPACT
Realty Income Corporation (O) is set to acquire Spirit Realty Capital (SRC) with the merger expected to close on January 23, 2024. Realty Income shareholders did not need to vote on the merger.
The approval of the merger by Spirit shareholders is a significant step towards completion, which is likely to be viewed positively by the market. The acquisition could lead to potential synergies and growth opportunities for Realty Income, which may positively impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Spirit Realty Capital, Inc. (SRC) shareholders have approved the merger with Realty Income Corporation (O), with the transaction expected to close on January 23, 2024. Spirit shareholders will receive 0.762 Realty Income shares for each share of Spirit.
The overwhelming approval of the merger by Spirit shareholders indicates a positive outlook for the deal. The exchange ratio of 0.762 Realty Income shares for each Spirit share provides a clear benefit to SRC shareholders, which is likely to have a favorable impact on SRC's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100