American Realty Capital Trust Stockholders Approve Merger With Realty Income
NEW YORK, Jan. 16, 2013 /PRNewswire/ -- American Realty Capital Trust, Inc. (NASDAQ: ARCT) ("ARCT" or the "Company") announced that its stockholders approved the merger of ARCT with Realty Income Corporation ("Realty Income") and the other transactions contemplated by the merger agreement at today's special meeting. More than 89.7 percent of the shares voting at the special meeting voted in favor of the merger, representing more than 64.8 percent of all outstanding shares.
"We are very gratified with the outcome of today's vote," said William M. Kahane, Chief Executive Officer and President of ARCT. "The ARCT board and management team have worked diligently to advance the best interests of our stockholders, and we are grateful for the support received for the board's recommendation. We look forward to closing the transaction expeditiously. At closing, this union will provide our shareholders with a significant stake in Realty Income, the largest publicly-traded net lease real estate company on the New York Stock Exchange, a firm that is well-positioned for continuing growth in assets, earnings, dividends and all-in return."
Upon closing the transaction, ARCT stockholders will receive a one-time cash payment of
$0.35 per share in addition to a fixed exchange ratio of 0.2874 Realty Income shares for each share of ARCT common stock that they own. In addition, upon closing, Realty Income's board of directors intends to increase its annualized dividend to stockholders by
$0.35 per share to an annualized rate of
$2.17 per share beginning with the
February 2013 distribution. The transaction is expected to close in
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