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Kennedy-Wilson stockholders OK share issuance proposal in merger deal

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Kennedy-Wilson stockholders OK share issuance proposal in merger deal

Kennedy-Wilson Holdings Inc. stockholders voted to approve the company's share issuance proposal as part of its pending merger with Kennedy Wilson Europe Real Estate.

Under a scheme of arrangement, Kennedy-Wilson Holdings will issue common shares to Kennedy Wilson Europe stockholders as partial consideration for its buyout of the latter. The proposed takeover already received approval from Kennedy Wilson Europe shareholders.

A court hearing to approve the scheme is slated for Oct. 18, with the transaction expected to take effect Oct. 20.