Shareholders Reject £1.6B FCPT, UKCPT Merger

Law360, New York (August 10, 2010, 3:08 PM EDT) -- The independent stockholders of British property investment trusts F&C Commercial Property Trust Ltd. and UK Commercial Property Trust Ltd. have narrowly voted to reject a proposed merger of the two that would have created a property company with a market value of £1.6 billion ($2.5 billion).

About 70 percent of independent shareholders turned out to vote on the deal Monday, with 50.07 percent against the deal and 49.93 percent in favor, according to F&C.

Independent shareholders who are not parties related to the companies represent about...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.