"We believe that PGRT is attempting to renegotiate a substantive provision regarding the structure of the merger to which it had previously agreed," Mansur argues. "Negotiations are ongoing between our organization and Prime Group attempting to overcome our differences and complete the planned merger."
Prime Group Realty Trust president and chief executive officer Jeffrey A. Patterson declined further comment on the Prime/Mansur bid during last week's earnings conference call.
"We are optimistic that our discussions with management will lead to a resolution of our dispute and a closing of the Prime acquisition in the near future," Mansur adds. "However, if these negotiations are not successful, we will pursue all legal remedies available to us, including the enforcement of the merger agreement, which we deem to be valid and in full force and effect."
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