Stockholders of Parkway Properties have overwhelmingly approved the firm’s proposed merger with Thomas Properties Group (TPGI) pursuant to the definitive merger agreement dated 4 September 2013.
Approximately 90.23 per cent of the outstanding shares of Parkway's common stock voted with respect to the proposed merger, with approximately 99.88 per cent of the votes cast in favour of the proposed merger.
Subject to the satisfaction or waiver of the remaining conditions to closing, the merger is expected to close on 19 December 2013.
Assuming completion of the merger, TPGI's shares are expected to be delisted after the close of trading on 19 December 2013. As a result of the merger, each former share of Thomas Properties common stock will be converted into 0.3822 of a newly issued share of Parkway common stock and each former share of Thomas Properties limited voting stock will be converted into 0.3822 of a newly issued share of Parkway limited voting stock.