Southern Realty Trust Holders Approve All-Stock Merger With Sunrise
SUNS is trading near its 52-week low of $5.77 (11% above the low).
Summary
Stockholders of both Southern Realty Trust and Sunrise Realty Trust, a Tannenbaum Capital Group Affiliate, have now approved the all-stock merger, with Southern holders clearing the target-side vote at the October 23 special meeting and Sunrise holders approving the merger-related proposal. The deal follows the definitive agreement announced August 6, under which Sunrise issues 1.45 shares per SRT share, and the definitive proxy that set the vote. The approval also unlocks the $20M buyback Sunrise authorized on October 13, which takes effect only once the merger closes. Sunrise has declared a $0.09 stub period dividend. ISS and Glass Lewis had both backed the merger proposals, and two stockholder lawsuits challenging the proxy disclosures remain outstanding. Next milestone is the closing itself; no date is stated in the source.
At the time of this announcement, SUNS was trading at $6.38 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $85.8M. The 52-week trading range was $5.77 to $10.45. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.