MAA and Post Properties Shareholders Approve Merger
Staff Report From Metro Atlanta CEO
Friday, November 11th, 2016
MAA and Post Properties, Inc. announced that at their respective special meetings, the shareholders of both companies overwhelmingly approved the proposed merger between MAA and Post Properties and certain related matters.
Approximately 87% of the outstanding shares of MAA common stock voted at the MAA special meeting, with approximately 99% of the votes cast in favor of both the proposed merger and the proposed charter amendment to increase the number of authorized shares of MAA common stock from 100 million shares to 145 million shares.
Approximately 88% of the outstanding shares of Post Properties common stock voted at the Post Properties special meeting, with approximately 99% of the votes cast in favor of the proposed merger and approximately 98% of the votes cast in favor of an advisory (non-binding) proposal to approve compensation payable to certain executive officers of Post Properties in connection with the merger.
MAA and Post Properties also announced today that MAA has exercised its rights under the merger agreement to set the expected closing date of the merger. In connection with the exercise of these rights, MAA and Post Properties each acknowledged the satisfaction and irrevocable waiver of a number of the closing conditions for the merger. Subject to the satisfaction of the limited remaining closing conditions, the merger is expected to close on December 1, 2016. Assuming completion of the merger, Post Properties shares are expected to be delisted from trading on the New York Stock Exchange after the close of trading on December 1, 2016. As a result of the merger, among other things, each former share of Post Properties common stock will be converted into 0.71 shares of newly issued MAA common stock. Shares of MAA common stock will continue to trade under the existing ticker symbol "MAA" on the New York Stock Exchange.