BNP Residential Properties Inc., Charlotte, N.C., has announced stockholder approval of a proposed merger with Babcock & Brown Bravo Acquisition LLC, an affiliate of Babcock & Brown Ltd., an international investment and advisory firm.Approximately 72% of BNP's outstanding common shares were voted at the meeting, of which more than 94% favored the merger, BNP reported. The real estate investment trust said the merger is expected to close in late January (upon the satisfaction of various conditions), at which time holders of BNP common stock will be entitled to receive $24 in cash per share, without interest and less any applicable withholding taxes, the apartment REIT said. BNP can be found on the Web at http://www.bnp-residential.com.
Processing Content
