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Cohen & Steers Infrastructure Fund, Inc. (NYSE:UTF) which is formerly known as Cohen & Steers Select Utility Fund, Inc. announced this morning that shareholders approved the fund's merger with Cohen & Steers REIT and Utility Income Fund, Inc. (NYSE:RTU) at today's special shareholder meeting. The merger is expected to be completed after the close of business on March 12, 2010. Today's meeting has been adjourned until 5:00 PM with respect to the proposal to increase the number of authorized common shares.
In the merger, UTF will acquire substantially all of the assets and liabilities of RTU in a tax-free transaction in exchange for an equal aggregate value of newly issued common shares of UTF. RTU will distribute the common shares (and fractional shares where applicable) of UTF to its common shareholders in an amount equal to the aggregate net asset value of RTU common shares, as determined at the close of business on March 12, 2010.
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