APTS - Preferred Apartment investors approve acquisition by BREIT

Preferred Apartment Communities (NYSE:APTS) has announced that its stockholders approved the acquisition of PAC by Blackstone Real Estate Income Trust. Based on the preliminary voting results provided by the independent Inspector of Election, over 99% of votes cast were in favor of the transaction. Under the terms, each share of PAC common stock issued and outstanding at the effective time of the merger will be automatically cancelled and converted into the right to receive, an amount in cash equal to $25/share, without interest. Upon closing, PAC common stock will no longer be listed on any public market. The transaction is expected to close on or about June 23, 2022.

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Preferred Apartment investors approve acquisition by BREIT