During a conference call today, executives at both companies said it expects the deal to close by the fourth quarter. There is a $25-million breakup fee.
Under the agreement, each share of Newkirk common stock will be exchanged for 0.80 common shares of Lexington, which exchange ratio will not be subject to adjustment. Following the merger, Newkirk shareholders and unitholders will own approximately 46.8% and Lexington shareholders and unitholders will own approximately 53.2% of the combined company assuming no conversion of Lexington's Series C Cumulative Convertible Preferred Stock. Each company shall pay pro-rata dividends through the date of closing.
In addition, prior to the closing, Lexington anticipates making a one-time cash distribution of $0.17 per share to Lexington shareholders and unitholders. The transaction is structured to qualify as a tax-free merger.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
