Forest City Realty Trust Inc. stockholders have approved the acquisition of Forest City by a real estate investment fund of Brookfield Asset Management Inc. at a special meeting of stockholders.
Following the approval, Forest City expects that the acquisition will be completed by December 10, subject to the satisfaction or waiver of the remaining closing conditions. Forest City does not expect to declare or make any pre-closing dividends or distributions.
Rumors of the deal began circulating in February. In August, reports confirmed it was happening. And despite Co-Chairman Emeritus and former CEO of Forest City Albert Ratner’s last-minute suit to postpone the November 15 stockholders meeting (a request that was rejected the day after it was filed), the deal is finally moving forward.
Lazard and Goldman Sachs & Co. LLC are acting as financial advisers to Forest City and Sullivan & Cromwell LLP is acting as legal counsel. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to the Forest City board of directors.