APTS - Preferred Apartment Communities adjourns holder vote on sale to Blackstone REIT

Preferred Apartment Communities (NYSE:APTS) convened and then adjourned a shareholder vote on its planned sale to Blackstone Real Estate Income Trust. The meeting is adjourned until June 17 to provide holders with additional time to vote on the acquisition, according to a statement earlier Tuesday. The required vote to approve the deal is two-thirds of all of the votes entitled to be cast. As of Tuesday, approximately 63.9% of the votes entitled to be cast had been voted, and, of these votes, approximately 99.0% had been voted in favor of the deal. Blackstone REIT agreed to acquire APTS for $25/share in an all-cash transaction valued at ~$5.8B in February. Blackstone is no stranger to apartment REIT deals and agreed to buy BlueRock Residential for $3.6B in December.

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Preferred Apartment Communities adjourns holder vote on sale to Blackstone REIT