GlobeSt.com UPDATE: Kimco Completes Acquisition of MART

NEW HYDE PARK, NY-Kimco Realty Corp., based in this New York City suburb, has completed its acquisition of Mid-Atlantic Realty Trust. The merger of MART with and into a subsidiary of Kimco was approved by the shareholders of MART Tuesday and the closing was Wednesday.

MART shareholders will receive cash consideration of $21.051 per share. In addition, more than 99% of the limited partners in MART’s operating partnership elected to have their partnership units redeemed for cash consideration equal to $21.051 per unit.

In accordance with the merger agreement, Kimco’s Board of Directors has appointed F. Patrick Hughes, who served as CEO, president and trustee of MART since its 1993 formation, to serve on its board.