Charleston, S.C. — The proposed $4.6 billion acquisition of EdR by GSHGIF REIT, an affiliate of Charleston-based Greystar, has been approved by the company’s stockholders.
A special meeting of EdR’s stockholders was held, at which 99.9 percent of votes were cast in favor of the acquisition. Attendees represented 83.95 percent of EdR’s total outstanding shares of common stock as of Aug. 10. Under the terms of the agreement, each share of EdR common stock and each unit in Education Realty Operating Partnership LP and University Towers Operating Partnership LP will be converted automatically into the right to receive a cash payment of $41.50 per share or unit. This price represents a premium of 13.6 percent over the May 31 closing share price, the last day before rumors of the sale were published. The acquisition is expected to close on Thursday, Sept. 20.