Winston Hotels Inc.'s Shareholders Approve Merger Into a Wholly-Owned Subsidiary of Inland American Real Estate Trust, Inc.
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Winston Hotels Inc.'s Shareholders Approve Merger Into a Wholly-Owned Subsidiary of Inland American Real Estate Trust, Inc.
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-06-22
Declares Second Quarter Preferred Dividend
Winston Hotels, Inc. (NYSE: WXH) today announced that its common shareholders approved the merger of the company with and into Inland American Acquisition (Winston), LLC, a wholly-owned subsidiary of Inland American Real Estate Trust, Inc. ("Inland American"), at the special meeting of shareholders held today in Raleigh, North Carolina.
Closing of the merger is anticipated to occur on or about July 1, 2007 and is subject to the closing conditions set forth in the agreement and plan of merger. If the closing of the merger occurs as anticipated, trading of the company's common stock and preferred stock will cease as of the close of the market on Friday, June 29, 2007 and will not re-open for trading thereafter.
Separately, the company announced that its board of directors has declared a cash dividend of $0.50 per share on its Series B Cumulative Preferred stock for the second quarter of 2007 to preferred shareholders of record on June 29, 2007. If the closing of the merger occurs as anticipated, each share of the company's Series B preferred stock will be converted into the right to receive $25.38 per share in cash, plus any accrued and unpaid dividends as of the effective time of the merger, which will include the dividend for the second quarter of 2007, or $0.50 per share.
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