HOUSTON, Sept. 25, 2017 /PRNewswire/ -- Parkway, Inc.
("Parkway") (NYSE: PKY) announced today that its stockholders
approved the previously announced merger of Parkway with an
affiliate of Canada Pension Plan Investment Board ("CPPIB").
At the special meeting of Parkway stockholders, 85.58% of the
outstanding shares of common and limited voting stock, voting
together as a single class, were voted in favor of the merger,
which represented 99.68% of the votes cast at the special
meeting.
Additionally, Parkway announced today that its Board of
Directors has authorized, and Parkway has declared, a special cash
dividend of $4.00 per share of common
stock payable on the later to occur of October 10, 2017 and the second day immediately
preceding the expected effective date of the merger (and, if such
day is not a business day, the business day immediately preceding
such day), provided that payment is conditioned upon the
satisfaction or waiver of all conditions to closing of the merger
(other than those conditions that by their nature are to be
satisfied at the closing). The special cash dividend will be
payable to common stockholders of record as of the close of
business on October 9, 2017.
The merger is expected to close on or about October 12, 2017, subject to the satisfaction or
waiver of all closing conditions related to the transaction.
Parkway's stockholders who hold their shares of common stock on the
record date for the special dividend and through the effective
time of the merger will be entitled to receive an aggregate of
$23.05 in cash, consisting of the
$4.00 special cash dividend and
merger consideration of $19.05 per
share.
About Parkway
Parkway, Inc. is an independent, publicly traded, self-managed
real estate investment trust ("REIT") that owns and operates
high-quality office properties located in attractive submarkets in
Houston, Texas. As of June 30, 2017, our portfolio consists of five
Class A assets comprising 19 buildings and totaling approximately
8.7 million rentable square feet in the Greenway, Galleria and
Westchase submarkets of Houston.
Forward Looking Statements
Certain statements contained in this press release, including
those that express a belief, expectation or intention, as well as
those that are not statements of historical fact, are
forward-looking statements within the meaning of the federal
securities laws and as such are based upon Parkway's current
beliefs as to the outcome and timing of future events. There can be
no assurance that actual future developments affecting Parkway will
be those anticipated by Parkway. Parkway cautions investors that
any forward-looking statements presented in this press release are
based on management's beliefs and assumptions made by, and
information currently available to, management. When used, the
words "anticipate," "assume," "believe," "estimate," "expect,"
"forecast," "guidance," "intend," "may," "might," "plan,"
"potential," "should," "will," "result" or similar expressions that
do not relate solely to historical matters are intended to identify
forward-looking statements. You can also identify forward-looking
statements by discussions of strategy, plans or intentions.
Forward-looking statements involve risks and uncertainties (some of
which are beyond Parkway's control) and are subject to change based
upon various factors, including but not limited to the following
risks and uncertainties: the ability of Parkway to obtain required
stockholder approval required to consummate the proposed merger;
the satisfaction or waiver of other conditions in the merger
agreement; the outcome of any legal proceedings that may be
instituted against Parkway and others related to the merger
agreement; the risk that the merger, or the other transactions
contemplated by the merger agreement may not be completed in the
time frame expected by the parties or at all; the ability of
Parkway to implement its operating strategy; changes in economic
cycles; and competition within the office properties real estate
industry; and other risks and uncertainties detailed from time to
time in Parkway's Securities and Exchange Commission (the "SEC")
filings.
Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, Parkway's business,
financial condition, liquidity, cash flows and results could differ
materially from those expressed in any forward-looking statement.
While forward-looking statements reflect Parkway's good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. Except as required by law,
Parkway undertakes no obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future
events or other changes.
Contact:
Thomas Blalock
Vice President, Finance & Capital Markets
(407) 581-2915
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SOURCE Parkway, Inc.
