FORT MITCHELL, KY Edgecliff Holdings has begun mailing definitive proxy materials to stockholders of Lodgian to solicit proxies for the election of up to three nominees to Lodgians Board. Edgecliffs nominees are expected, subject to their fiduciary duties, to strongly advocate a sale of the company to the highest bidder.
The proxies will be used at Lodgians 2000 Annual Meeting of Stockholders, which will be held October 12, 2000.
In addition, Edgecliff is asking Lodgians stockholders to approve a by-law proposal intended to dissuade Lodgians Board from adopting new by-law amendments that would impair the ability of a bidder to acquire the company.
Earlier this year, Edgecliff had made a move to try to acquire Lodgian, however, CEO Robert Cole declined the offer. Since that time, there has been a power struggle over board seats to gain control of the company. (8/31/00)