Both sides went public with the deal in May,as GlobeSt.com previously reported. Locally based FECI is the ownerof Flagler Development Group and Florida East Coast RailwayLLC.
An overwhelming majority of FECI's shareholders, 98.8%, castvotes in favor of the merger. Under the agreement, the shareholdersare entitled to $84 per share--$62.50 per share, plus a one-time,special cash dividend of $21.50 per share on all issued andoutstanding common stock to shareholders of record as of close ofbusiness July 24.
During FECI's first quarter conference calls just days after themerger was announced, CEO Adolfo Henriques voiced hissupport, as GlobeSt.com also reported. He noted that the$84-per-share figure represented a 35% premium over the quarter anda 97% premium over the past two years.
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