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Milestone Apartments unit holders back Starwood's sweetened offer

Milestone Apartments Real Estate Investment Trust said in a release that the company's takeover by Starwood Capital Group, in a roughly $1.3 billion deal, was approved by 71.81% of votes cast at Milestone's special meeting.

Starwood recently agreed to raise its offer for the apartment REIT to $16.25 per trust unit from $16.15 per unit. The deal requires approval from two-thirds of Milestone Apartment unit holders.

Previously, the REIT had said that certain shareholders with approximately 16% of Milestone Apartment's voting trust units had agreed to back the revised deal and had signed voting and support agreements to vote in favor of the bid.

Senior Milestone Apartment management also agreed to certain financial concessions and commitments totaling more than $7 million, including the waiving of previously agreed severance and transaction bonus payments.

Reuters reported this news earlier in the day.