KYN - Kayne Anderson Energy Infrastructure Fund and Kayne Anderson NextGen Energy & Infrastructure Announce Preliminary Results of Election of Merger Consideration | Benzinga
HOUSTON, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE:KYN) and Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE:KMF), today announced the preliminary results of the elections made by KMF stockholders as to the form of merger consideration that they desire to receive in the merger between KYN and KMF (the "Merger").
As previously announced, KMF stockholders had the option to elect to receive either (i) newly issued common stock of KYN ("Stock Consideration") or (ii) cash ("Cash Consideration") with such right to elect to receive Cash Consideration subject to the adjustment and proration procedures set forth in the merger agreement to ensure that the total number of shares of KMF common stock converted into the right to receive Cash Consideration does not exceed 7,079,620 shares (representing 15% of the outstanding shares of KMF common stock prior to the closing of the Merger). KMF stockholders whose election materials were not received in proper form by the exchange agent by 5:00 PM (Eastern Time), on November 6, 2023 (the "Election Deadline") were deemed to have made an election to receive Stock Consideration.
Based on the information as of the Election Deadline, the preliminary merger consideration election results were as follows:
- Holders of approximately 25,801,276 shares of KMF common stock, or approximately 54.7% of the outstanding shares of KMF common stock, either elected to receive Stock Consideration or were deemed to have made an election to receive Stock Consideration as a result of not making a valid election; and
- Holders of approximately 21,396,186 shares of KMF common stock, or approximately 45.3% of the outstanding shares of KMF common stock, elected to receive Cash Consideration.
The foregoing results are preliminary only, ...