Empire State Building investors approve IPO plan
Source: Reuters
(Reuters) - A plan to include the Empire State Building in a publicly traded company has cleared a critical investor hurdle that will allow the IPO to move forward.
Holders of more than 80 percent of the units that own the landmark skyscraper approved the plan to fold it into a newly created real estate investment trust called Empire State Realty Trust Inc. The green light came after more than a year of fighting between Malkin Holdings Plc, which has spearheaded the plan, and a small group of investors.
The vote was disclosed in a U.S. Securities and Exchange Commission filing on Wednesday.
The 80 percent figure is a critical threshold because it allows Malkin to use a forced buyout provision to get the full support of the investors. The provision, which a New York State judge recently upheld, requires holdouts to either sell their units back for $100 per unit or vote for the plan.
Read more: http://www.reuters.com/article/2013/05/29/us-usproperty-empirestatebulidng-idUSBRE94S0QX20130529
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