March 28 Milestone Apartments Real Estate
Investment Trust said on Tuesday that its unitholders
approved the company's takeover by U.S. private investment firm
Starwood Capital Group for about $1.3 billion.
Starwood agreed last week to a sweetened offer of $16.25 per
Over 71 percent of Milestone unitholders who voted were in
favor of the transaction, the company said on Tuesday.
The transaction needed the approval of two-thirds of
The deal is expected to close on or about April 28, the
Milestone had initially, in January, agreed to be bought out
by Starwood in an all-cash transaction.
(Reporting by John Benny in Bengaluru; Editing by Sriraj