Spirit Finance shareholders OK $3.5 billion acquisition of company by Macquarie-led group

By Angela McDaniels

Seattle, July 2 - Spirit Finance Corp. said its shareholders voted to approve the acquisition of the company by a consortium led by Macquarie Bank Ltd. and Kaupthing Bank hf. for $14.50 per share in cash at the company's annual meeting.

The transaction is worth about $3.5 billion, including assumed debt, and is slated to close following the receipt of consents from some of Spirit Finance's lenders, which the company expects to occur within 60 days.

On March 13, the companies announced the definitive merger agreement and the consortium's plan to purchase 6.15 million newly issued shares of Spirit Finance common stock at $12.99 per share. Spirit Finance said proceeds from the private placement would be used to fund real estate-related activities in the ordinary course of its business.

The Scottsdale, Ariz., real estate investment trust will pay a cash dividend of $0.22 per common share for the quarter ended June 30 and will pay a prorated dividend for the period beginning July 1 and ending once the transaction is completed.

The Macquarie Group, which includes Macquarie Bank, is a diversified provider of specialist financial and investment banking services located in New York.

Kaupthing Bank is a bank based in Iceland.

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