The report said 62.9 percent of the unitholders present at the EGM, representing 92.46 percent of ALOG’s units, voted in favor of the merger. The merger is still subject to court approval, the filing said.
ALOG’s units were halted before market open pending the release of the announcement of the results of the EGM.
In a filing to SGX, ESR-REIT said its unitholders voted at an EGM Monday to approve the merger by 98.57 percent to 1.43 percent.
In January, ESR-REIT sweetened its merger offer for ALOG in response to the proxy advisers recommending ALOG unitholders vote against the initial bid.
The sweetened consideration offered S$0.97 for each ALOG unit, payable as S$0.097 in cash and 1.7729 new ESR-REIT units, issued at S$0.4924 each, the filings said. The previous offer was S$0.95, with S$0.095 a unit in cash and 1.6765 new ESR-REIT units issued at S$0.51 each.
In total, ESR-REIT’s merger offer is around S$140.7 million in cash and the issuance of around 2.57 billion new units at S$0.4924 each, for an aggregate S$1.41 billion.
The combined REIT, to be called ESR-LOGOS REIT, or E-LOG, would hold a portfolio of logistics/warehouse, high-specification industrial properties, business parks and general industrial properties, with the combination set to be among the top 10 largest Singapore REITs (S-REITs) by free-float market capitalization, ESR-REIT has previously said.
Units of ALOG last changed hands at S$0.825, while ESR-REIT’s units, which have also been halted from trade, were last at S$0.42.