They have also approved the appointment of Wells Fargo Bank Minnesota, National Association as the trustee of Pacific Gulf's liquidating trust, which will be set up before the merger closes. The company plans to establish the trust and transfer cash and its two remaining industrial properties to it, according to a company spokesperson.

Beneficial interests in the trust will be distributed to all those shareholders of record who hold Pacific Gulf shares on the effective date of the merger. Each shareholder will receive an interest that is proportional to the amount of common stock held when compared to Pacific Gulf's outstanding shares of common stock.

In addition, the liquidating trust will be responsible for selling the assets transferred to it and then distributing those proceeds to the shareholders. Although Pacific Gulf officials say they can't give any definitive assurances of the amount or timing of distributions, they do estimate that these assets could produce distributions of up to $2.20 per share.