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Equity Shareholders Greenlight $2B Merger

GERMANTOWN, TN-The vote sets up an Oct. 22 closing date for the transaction between the locally based hotel REIT and an affiliate of Whitehall.

By Melissa Kress | Updated on October 02, 2007

GERMANTOWN, TN-Equity Inns Inc. is moving toward its $2.2-billion merger with an affiliate of Whitehall Global Real Estate Limited Partnership 2007. Three months after the proposed deal hit the streets, shareholders of the locally based, self-advised hotel REIT threw their support behind it.

According to a company release, of the 55.1 million common shares outstanding, 69.8% voted for the merger; of the total common shares that cast a vote, 99% voted in for the merger. The move puts the deal on the path for an Oct. 22 closing date.

Equity adds it will “declare at a future date a pro rated dividend on the company’s common shares subject to the satisfaction or waiver of the closing conditions to the merger. The record date for the pro rated dividend will be the close of business on the last business day prior to the merger effective time.” The dividend will be paid on the third business day after the merger closes.

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