Landmark Infrastructure Partners LP (Nasdaq: LMRK) last week announced that holders of a majority of the common units of the Partnership voted to approve the acquisition of the Partnership by the Partnership’s sponsor, Landmark Dividend LLC (LD), at a special meeting held last week. The Partnership will file final voting results with the Securities and Exchange Commission on a Form 8-K once they are certified by the independent inspector of elections.
Tim Brazy, Chief Executive Officer of the Partnership, said, “On behalf of the entire Board of Directors and management team, we thank unit-holders for their overwhelming support. [The] announcement represents a significant milestone in this process, and we are excited to complete the transaction by the end of the year.”
Steven Sonnenstein, Chairman of Landmark Infrastructure Partners GP LLC (Landmark GP), the general partner of the Partnership, said, “With this agreement, we are proud to have delivered one of the highest premiums ever paid in a GP / MLP transaction. We are confident that this is a terrific outcome for all stakeholders.”
As previously announced on August 23, 2021, following lengthy negotiations between the Conflicts Committee of the Board of Directors of Landmark GP and LD, the Partnership and LD entered into a definitive agreement under which the Partnership will be acquired by LD for $16.50 in cash for each common unit owned. The acquisition price represented a premium of 38 percent to the Partnership’s unaffected unit price on May 14, 2021, the last business day prior to the announcement of LD’s initial proposal to acquire the Partnership for $13.00 per common unit.
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