American Tower Corp. (AMT) continued its movement to elect to become a real estate investment trust, announcing a plan to merge with American Tower REIT Inc.
Plans call for American Tower to merge into American Tower REIT, with American Tower REIT then continuing to operate the existing business of American Tower. Outstanding shares of American Tower Class A stock will be converted into the right to receive the same number of shares of American Tower REIT stock common stock.
American Tower said a meeting is planned for Nov. 29 to vote on the proposed merger between the two organizations, and stockholders will be able to vote on the proposal Oct. 3. American Tower said it anticipates to elect REIT status beginning Jan. 1, but noted it is not certain. Choosing to become a REIT gives companies favorable federal tax status but they are required to pay out a substantial portion of their income in dividends.
AMT moves closer to REIT status
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