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Grubb & Ellis Company (GBE) Shareholders Approve NNN Deal

Grubb & Ellis Company’s (GBE) shareholders have approved an acquisition by privately-held NNN Realty Advisors Inc, a leading commercial real estate service company. Initially, both companies agreed to this share exchange in June, specifying that NNN shareholders will be granted a 59% stake in this share exchange. However, shareholders will now receive 0.88 shares of NNN common stock for each share of GBE that they own.

This stock will remain using the name “Grubb & Ellis Company” and trading under the symbol “GBE” during the upcoming weeks. In spite of this, NNN will now be based in Santa Ana, California, as all corporate communications will be directed to this office. NNN Chief Executive Scott D. Peters and Chairman Anthony W. Thompson will retain their current leadership roles.

Grubb & Ellis has estimated that NNN will have a total market capitalization of about $725 million.

Grubb & Ellis shares skyrocketed 48 cents, or 7.5 percent, to close at $6.90 during afterhours trading. The stock surged 83 cents, or 14.9 percent, to $6.42 during the regular trading session Thursday Afternoon.

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