Both companies also announced pro rata dividends of two cents per share of their respective stocks for the period between Jan. 1 and Jan. 4 to shareholders of record on Jan. 4. The dividends are payable on Jan. 17. Brandywine's regular first-quarter dividend, to be announced on or about March 15, will be reduced by the amount of the pro-rata dividend. This will be Prentiss' final dividend, and shares of PP will be de-listed from the NYSE at the close of the merger.

Approximately 45.4 million, or 80% of Brandywine's shares were voted at a special meeting in Philadelphia on Dec. 21, and approximately 92% voted in favor of the merger. At a meeting held simultaneously in Dallas, approximately 42.6 million, or 87% of the outstanding Prentiss shares were voted, and approximately 98% were cast in favor of the merger.

At the close of the deal Brandywine's own/manage portfolio will aggregate 49 million sf and have a total market capitalization of approximately $6 billion. In a statement, Gerard H. Sweeney, president and CEO, says the merger is "a transformational event for both companies and has created a significant growth platform for Brandywine . . . creating significant new development and capital deployment opportunities."

At the open of the NYSE on Dec. 22, following the announcement of shareholders' approval of the merger, BDN common stock traded at $28.14 a share. The 52-week high of $33.42 a share was reached on July 25, and the 52-week low of $25.88 a share occurred on Nov. 5.

Instant Insights /

GlobeSt.com UPDATE: Shareholders Clear Path for Jan. 5 Brandywine-Prentiss Merger

Related Stories

Recommended For You