FT. MITCHELL, KY Edgecliff Holdings, LLC delivered a letter proposing an all-cash offer to purchase all outstanding Lodgian shares at $5.00 a share. Edgecliff states, in the letter, that it has made several all-cash offers to acquire the company over the last year and urges Lodgian to consider its offer over Whitehall s $4.50 per share purchase offer.
The proposal will be funded through a combination of equity and debt from Edgecliff Holdings, DLJ Real Estate Capital Partners and Lehman Brothers. The offer is subject to due diligence and other customary conditions.
Edgecliff is prepared to begin conducting due diligence and negotiating definitive transaction agreements in connection with the offer immediately, with the expectation that such due diligence and definitive agreements will be completed within a 45-day period. (10/16/00)