Search
 

Winston Opts for $850M Merger Agreement

RALEIGH, NC-The locally based hotel REIT enters into a definite agreement with Inland American Real Estate Trust, Inc. for $15 per share.

By Melissa Kress | Updated on April 03, 2007

RALEIGH, NC-Just about four weeks after receiving a second bid , Winston Hotels has made its decision–opting to enter into a definitive merger agreement with Inland American Real Estate Trust, Inc. However, before making the deal, the locally based hotel RET needed to end a previous agreement with Wilbur Acquisition Holding Co.

On Feb. 21, Winston agreed to merge with Wilbur Acquisition Holding, a limited liability company held by affiliates of Och-Ziff Real Estate and Norge Churchill, Inc. The deal put the total dollar amount at $430.1 million, or $14.10 per share. Two weeks later, Inland American upped the ante with its own $15-per-share bid, as GlobeSt.com previously reported.

After weighing both offers, Winston’s board of directors and an independent special committee of the board threw its support behind Oak Brook, IL-based Inland. As a result, Winston executives say the company has complied with the termination provisions of the Wilbur agreement, including the payment of termination fees and reimbursement of expenses. Winston executives expect, in turn, to be reimbursed by Inland, according to a release.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.