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American Realty Capital Trust, Inc. (NASDAQ: ARCT) announced that its stockholders approved the merger of ARCT with Realty Income Corporation and the other transactions contemplated by the merger agreement at today’s special meeting. More than 89.7 percent of the shares voting at the special meeting voted in favor of the merger, representing more than 64.8 percent of all outstanding shares.
Upon closing the transaction, ARCT stockholders will receive a one-time cash payment of $0.35 per share in addition to a fixed exchange ratio of 0.2874 Realty Income (NYSE: O) shares for each share of ARCT common stock that they own. In addition, upon closing, Realty Income’s board of directors intends to increase its annualized dividend to stockholders by $0.35 per share to an annualized rate of $2.17 per share beginning with the February 2013 distribution. The transaction is expected to close in January 2013.
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