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$124-Mil Captec Deal Approved By Stockholders

ANN ARBOR, MI-A Florida real estate firm will acquire all company's outstanding shares for $13.05 per share. Phillip Goldstein, portfolio manager of Opportunity Partners L.P. of New York, had tried to block the merger.

By Robert Carr | Updated on November 20, 2001

ANN ARBOR, MI-The controversial merger between Captec Net Lease Realty Inc. and Commercial Net Lease Realty Inc. of Orlando, FL has been approved by stockholders. Captec says CNLR will acquire all of Captec’s outstanding shares for $124 million, basedon a value of $13.05 per share of Captec common stock, during the fourth quarter of 2001.

As a result of this merger, CNLR will have a portfolio of more than 377properties in 40 states.

“We are extremely pleased with the strong support from stockholders who clearly agree that a merger will provide growth opportunities and near and long-term value,” says Patrick Beach, chairman, president and CEO of Captec.

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