"We are pleased to deliver solid value to our shareholders in a very difficulty market environment," says Wilshire CEO Sherry Wilzig Izak, in a statement. "This merger agreement is the result of months of hard work by everyone involved, and we are proud of what we have accomplished."

NWJ CEO Nickolas W. Jekogian III, says in a statement that "this transaction is a major step forward in the implementation of our long-term growth strategy." The saga leading to the pending merger, which is subject to approval by shareholders, dates back nearly five years to Wilshire's revealed turnaround strategy involving the sale of its New Jersey properties to focus on its holdings in Arizona, Texas and Florida. Those sold-off holdings included the company's signature Wilshire Grand Hotel in West Orange, picked up by an investor group for nearly $12.8 million. Two years ago, the ongoing repositioning drew calls from Mercury Real Estate Advisors, Wilshire's largest unaffiliated shareholder, for Izak's resignation and the company's liquidation.

But Izak remained at the helm until now. According to information released by Wilshire, the purchase price represents a 23% premium to the average closing price of the company's common stock for the 30 trading days preceding the merger announcement. Under the merger agreement, Wilshire can continue to solicit third-party proposals during the 30-day period ending July 16. "Wilshire does not intend to disclose developments with respect to this solicitation process unless and until its board of directors has made a decision regarding any alternative proposals…," reads a statement issued by the company.