By Lisa Kerner
Charlotte, N.C., Feb. 22 - Trustreet Properties, Inc. said its shareholders approved the company's Oct. 30 amended merger agreement with TSY-FF Acquisition Co., Inc., an indirect wholly owned subsidiary of GE Capital Solutions, Franchise Finance.
The transaction is valued at $3 billion, including debt, and is expected to close on Monday.
The merger gives Trustreet shareholders $17.05 cash for each share of common stock. Each share of Trustreet's series A cumulative convertible preferred stock outstanding will be converted into $25.00 plus dividends.
Trustreet is a self-advised restaurant real estate investment trust located in Orlando, Fla.
GE Capital Solutions, Franchise Finance, is a lender for the franchise market.
| Acquirer: | GE Capital Solutions, Franchise Finance
|
| Target: | Trustreet Properties, Inc.
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| Payment per share: | $17.05
|
| Announcement date: | Oct. 30
|
| Expected closing: | Feb. 26
|
| Stock price for target: | NYSE: TSY: $17.03 on Feb. 21
|
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