Benzinga | Aug 3, 2021 01:14PM EDT

Kimco Realty Stockholders, Weingarten Realty Shareholders Approve Merger

Kimco Realty Corp. (NYSE:KIM), one of North America's largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, and Weingarten Realty Investors (NYSE:WRI), a grocery-anchored Sun Belt shopping center owner, manager and developer, today announced that Kimco stockholders and Weingarten shareholders approved all of the proposals necessary for the closing of the previously announced merger of Weingarten with and into Kimco.

At the special meeting of Kimco stockholders, approximately 99.9% of the votes cast were voted in favor of the merger, which represented approximately 85.3% of the outstanding shares of Kimco common stock.

At the special meeting of Weingarten shareholders, approximately 99.6% of the votes cast were voted in favor of the merger agreement, which represented approximately 78.7% of the outstanding Weingarten common shares.

The final voting results will be filed with the Securities and Exchange Commission on a Form 8-K filing by both Kimco and Weingarten with respect to their applicable special meetings.

The merger is currently expected to close on August 3, 2021, subject to the satisfaction or waiver of the remaining closing conditions. Upon completion of the merger, pursuant to the terms of the definitive merger agreement entered into by and between Kimco and Weingarten on April 15, 2021, Weingarten shareholders are entitled to receive 1.408 newly issued shares of Kimco common stock plus $2.20 in cash, after adjustment for the Weingarten special dividend of $0.69 per Weingarten common share paid on August 2, for each Weingarten common share that they owned immediately prior to the effective time of the merger. Upon completion of the merger, the common stock of the combined company will trade under the symbol "KIM" on the NYSE, and Weingarten's common shares will be suspended from trading on the NYSE effective as of the opening of trading on August 4, 2021.