CousinsProperties Inc. and Parkway Properties Inc. expect to close theirstock-for-stock mergerOct. 6, subject to certain conditions.
Additionally, the terms of the proposed spinoff of thecompanies' Houston-based properties into a publicly traded REIT called ParkwayInc. received approval from Cousins' board.
Cousins set Oct. 6 and Oct. 7 as the respective record anddistribution dates for the spinoff, subject to certain conditions.
The spinoff will be implemented via a pro rata dividend ofone common share of the new REIT for every eight shares of Cousins' commonstock outstanding as of the spinoff's record date, with the latter includingthe Cousins common shares issued to Parkway common stockholders in line withthe deal's closing.
Cousins will pay cash in lieu of fractional shares in thespinoff to common stockholders.