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SAN DIEGO-Shareholders formally approved the liquidation of Burnham Pacific Properties on Friday.

The real estate investment trust, meeting in San Francisco, met after twice postponing the annual shareholders meeting last fall. The action concludes a rough year for the San Diego-based real estate company, which saw its market value sliced by two-thirds, following the previous board’s spurning of a $13.50-per-share buyout offer by retailer Jay Schottenstein.

Unable to find a buyer willing to pay that price or anything close to it, the board of the REIT decided in August to liquidate. The company’s stock closed Friday at $4.69 per share.

The company now has permission to pursue its previously announced strategy of selling its 65 properties, most of them located in California. Burnham is one of the largest holders of shopping centers on the West Coast. The company has already agreed to sell 13 of the centers to Prudential Insurance for $317 million.

The 45 uncommitted properties Burnham has left are expected to bring up to $635 million, enabling the board to pay out up to $7.50 per share to common shareholders.

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