ATLANTA- Lodgian Chief Executive Robert Cole told shareholders at the companys annual meeting last week that he will resign if a deal is not reached to sell the company.
“Today I am personally committed to achieving maximum value for shareholders,” said Cole.
Lodgian had postponed its annual meeting after it received a $4.50 a share offer from Whitehall Real Estate Limited Partnership XIII and Whitehall Parallel Real Estate Limited Partnership XIII, two funds controlled by Goldman, Sachs. Cole said he has not had discussions with Whitehall about staying on if that bid is successful.
Days later a second offer was made by Edgecliff Holdings for $5 a share, or $140.6 million. Edgecliff is controlled by dissident Lodgian investor William Yung Sr., who is also Lodgians largest shareholder.
Cole promised a “fair and open auction process” for bidders. (10/26/00)
Source: The Atlanta Journal and Constitution