Thomas Properties Group, Inc. Stockholders Approve Merger with Parkway Properties, Inc.
18 December 2013 - 8:55AM
Business Wire
Thomas Properties Group, Inc. (NYSE: TPGI) (“Thomas Properties”)
today announced that at the special meeting of Thomas Properties
stockholders held today, stockholders voted overwhelmingly to
approve the proposed merger with Parkway Properties, Inc. (NYSE:
PKY) (“Parkway”), pursuant to the definitive merger agreement dated
September 4, 2013. Approximately 99% of the votes cast at the
special meeting of stockholders voted in favor of the approval and
adoption of the merger agreement, which represented approximately
87% of the total outstanding shares of Thomas Properties’ common
stock and limited voting stock, as of the November 11, 2013 record
date for the special meeting.
Subject to the satisfaction or waiver of the remaining
conditions to closing, the merger is expected to close on December
19, 2013. Assuming completion of the merger, shares of Thomas
Properties common stock are expected to be delisted after the close
of trading on December 19, 2013. As a result of the merger, each
share of Thomas Properties common stock will be converted into
0.3822 newly issued shares of Parkway common stock. In addition,
each share of Thomas Properties limited voting stock will be
converted into 0.3822 newly issued shares of Parkway limited voting
stock. Shares of Parkway common stock will continue to trade under
the existing ticker symbol “PKY” on the New York Stock
Exchange.
About Thomas Properties Group, Inc.
Thomas Properties is a full-service real estate company that
owns, acquires, develops and manages primarily office, as well as
mixed-use and residential properties on a nationwide basis. The
company's primary areas of focus are the acquisition and ownership
of premier properties, both on a consolidated basis and through its
strategic joint ventures, property development and redevelopment,
and property management and leasing activities. For more
information about Thomas Properties, please visit
www.tpgre.com.
Forward Looking Statements
Statements made in this press release that are not historical
may contain forward-looking statements which are based on Thomas
Properties’ current expectations and assumptions. Although Thomas
Properties believes the expectations reflected in any
forward-looking statements are based on reasonable assumptions,
these statements are subject to numerous risks and uncertainties.
Factors that could cause actual results to differ materially from
Thomas Properties’ expectations include actual and perceived trends
in various national and economic conditions that affect global and
regional markets for commercial real estate services (including
interest rates), the availability of debt and equity investors to
finance commercial real estate transactions, our ability to enter
into or renew leases at favorable rates, which can be impacted by
the financial condition of our tenants, risks associated with the
success of our development and property redevelopment projects,
general volatility in the securities and credit markets, and the
impact of tax laws affecting real estate. For a discussion of some
of the factors that may cause our results to differ from
management’s expectations, see the information under the captions
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in our Form 10-K for
the year ended December 31, 2012, and our subsequent Form 10-Q
quarterly reports, each of which is filed with the Securities and
Exchange Commission. Thomas Properties disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor relations contact:Thomas Properties Group,
Inc.Diana M. Laing, Chief Financial Officer(213) 613-1900
Thomas Properties Grp., Inc. (NYSE:TPGI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Thomas Properties Grp., Inc. (NYSE:TPGI)
Historical Stock Chart
From Aug 2023 to Aug 2024