Neuberger Berman Real Estate Securities Income Fund Inc. Announces Approval of Proposed Merger
February 07 2008 - 5:10PM
Business Wire
Neuberger Berman Real Estate Securities Income Fund Inc. (�NRO�)
(AMEX: NRO) and Neuberger Berman Realty Income Fund Inc. (�NRI�)
(NYSE: NRI) reported the results of their special meetings of
stockholders held today relating to a proposal to merge NRI with
and into NRO. For the merger to proceed, it must be approved by
holders of a majority of the outstanding shares of each Fund. NRO
stockholders approved the proposed merger today. NRI has adjourned
its special meeting of stockholders because the proposed merger has
not yet received a sufficient number of affirmative votes from its
stockholders. The adjournment will give NRI stockholders additional
time to cast their votes. The adjourned special meeting of NRI
stockholders will be held on February 13, 2008 at 4:00�p.m. As of
the time of the stockholders meeting held on February 7, 2008,
holders of 49.60 % of NRI�s outstanding shares had submitted
proxies in favor of the merger. Georgeson Inc. has been retained by
NRI to make phone calls to help secure the remaining votes needed
to approve the merger. Stockholders who have already voted do not
need to recast their votes. Neuberger Berman Management Inc., the
Funds� investment manager, is a subsidiary of Neuberger Berman
Inc., an investment advisory company serving individuals, families,
and taxable and non-taxable institutions with a broad range of
investment products, services and strategies. A Lehman Brothers
company, Neuberger Berman engages in wealth management services
including private asset management, tax and financial planning, and
personal and institutional trust services; mutual funds,
institutional management and alternative investments. For further
information about Neuberger Berman please visit www.nb.com. Lehman
Brothers (ticker symbol: LEH), an innovator in global finance,
serves the financial needs of corporations, governments and
municipalities, institutional clients and high-net-worth
individuals worldwide. Founded in 1850, Lehman Brothers maintains
leadership positions in equity and fixed income sales, trading and
research, investment banking, private investment management, asset
management and private equity. The Firm is headquartered in New
York, with regional headquarters in London and Tokyo, and operates
in a network of offices around the world. For further information
about Lehman Brothers� services, products and recruitment
opportunities, visit the Firm's Web site at www.lehman.com.
Statements made in this release that look forward in time involve
risks and uncertainties and are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such risks and uncertainties include, without limitation, the
adverse effect from a decline in the securities markets or a
decline in a Fund�s performance, a general downturn in the economy,
competition from other closed-end investment companies, changes in
government policy or regulation, inability of a Fund�s investment
adviser to attract or retain key employees, inability of a Fund to
implement its investment strategy, inability of a Fund to manage
rapid expansion and unforeseen costs and other effects related to
legal proceedings or investigations of governmental and
self-regulatory organizations.
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