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American Realty Extends Stock Buyout Deadline

DALLAS-Shareholders get until midnight Friday or an extra five trading days in the $61-million tender offer for common stock of Transcontinental Realty and Income Opportunity Realty. The merger is settlement for a class-action lawsuit.

By Connie Gore | Updated on December 16, 2002

DALLAS-American Realty Investors has extended the deadline until midnight Friday for tender offers of all common shares of affiliates Transcontinental Realty Investors Inc. and Income Opportunity Realty Investors Inc. The high-profile Dallas merger has been valued at $61 million.

The Dallas-based trio is following through on a settlement reached in October 2001 in a shareholders’ class-action lawsuit. Transcontinental Realty stock is being bought at $17.50 per share and Income Opportunity at $19 per share. For Transcontinental, that represents a 44.6% premium over the average closing price for 30 days of trading and 28.7% over premium for Income Opportunity.

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