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Another Bidder Steps Forward for Winston Hotels

RALEIGH, NC-Two weeks after entering a merger agreement with Wilbur Acquisition Holding Co., the locally based hospitality company receives an unsolicited offer from Inland American Real Estate Trust.

By Melissa Kress | Updated on March 09, 2007

RALEIGH, NC-Winston Hotels, Inc. has received an unsolicited offer from Inland American Real Estate Trust, Inc., topping a previous offer from Wilbur Acquisition Holding Co. The bid was submitted by Inland Capital Markets Group.

Two weeks ago, Wilbur Acquisitions and Winston Hotel entered into a merger agreement stating Wilbur would purchase all outstanding shares of the locally based hospitality company for $14.10 per share. However, Inland has now thrown a $15-per-share bid on the table. Reports put Inland’s total bid at $457.5 million, and Wilbur’s bid at $430.1 million.

Winston’s board of directors and an independent special committee of the board are now evaluating the offer, but company officials stress that there is no assurance the company will enter into a definitive agreement with the Oak Brook, IL-based Inland American Real Estate Trust. Winston is not commenting on the new bid at this time.

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