SCOTTSDALE, Ariz., Feb. 26, 2016 /PRNewswire/ -- American
Residential Properties, Inc. (NYSE: ARPI) ("ARPI") today announced
that in its special meeting of stockholders held earlier today, its
stockholders approved the merger of ARPI with and into a wholly
owned subsidiary of American Homes 4 Rent (NYSE: AMH) ("AMH").
ARPI stockholders approved the merger with AMH by an affirmative
vote of over 86% of ARPI's outstanding shares. More than 27.8
million shares, or 99.8% of the shares voted, were voted in favor
of the merger. The merger is expected to close on
February 29, 2016, subject to the
satisfaction or waiver of all closing conditions related to the
transaction.
Stephen G. Schmitz, ARPI's
Chairman and Chief Executive Officer stated, "We greatly appreciate
our stockholders' overwhelming vote in support of this merger, and
we look forward to the opportunities our stockholders will have to
benefit from the synergies created by this merger."
As previously announced, on December 3,
2015 the Company entered into a definitive agreement with
AMH and certain of its subsidiaries, pursuant to which, among other
things, each outstanding share of common stock of the Company will
be converted into the right to receive 1.135 Class A common shares,
$0.01 par value per share, of AMH
when the merger closes.
About American Residential Properties, Inc.
American
Residential Properties, Inc. is an internally managed real estate
company, organized as a REIT for federal income tax purposes, that
acquires, owns and manages single-family homes as rental properties
in select communities nationwide.
Additional information about ARPI can be found on ARPI's website
at www.amresprop.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements generally can be identified by use of statements that
include phrases such as "believe," "expect," "anticipate,"
"estimate," "intend," "plan," "will," "predicted," "likely," or
other words or phrases of similar import. These forward-looking
statements relate to the closing of the merger. Such
statements involve known and unknown risks, uncertainties, and
other factors that may cause the actual results, performance, or
achievements of AMH or ARPI to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to, the satisfaction or waiver of conditions to the merger,
the ability of third parties to fulfill their obligations relating
to the proposing transactions, and the risk that the merger or
other transactions contemplated by the definitive merger agreement
may not be completed in the time frame expected by the parties or
at all. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, AMH's or
ARPI's business, financial condition, liquidity, cash flows and
results could differ materially from those expressed in the
forward-looking statements. Any forward-looking statement
speaks only as of the date of this report and neither AMH nor ARPI
undertakes any obligation to update or revise any forward-looking
statements, whether as a result of new developments or
otherwise.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
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SOURCE American Residential Properties, Inc.