Kite Realty Merger Receives Shareholder Approval

(photo courtesy of Kite Realty Group)

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A previously-announced merger between Indianapolis-based Kite Realty Group (NYSE: KRG) and a Chicago-area mall operator is set to close this week, following shareholder approval from both companies. Kite announced in July its intentions to merge with Retail Properties of America Inc. (NYSE: RPAI) in a deal valued at $7.5 billion.

The combined business will operate under the KRG name. Kite says during recent shareholder meetings of both companies, more than 99% of votes were in favor of the deal.

The company says RPAI stockholders will receive 0.623 newly issued KRG common shares for each share of the RPAI stock. KRG says the merger is expected to close Friday, subject to customary closing conditions.