ATLANTA Lodgian has entered into an Exclusivity Agreement with Edgecliff Holdings, LLC. Lodgian has agreed to give Edgecliff an exclusive 60-day period during which the two parties will attempt to negotiate a definitive agreement, and Edgecliff will complete its due diligence review. Edgecliff has agreed not to make an offer to purchase the company for less than $4.75 per share at any time during the next 12 months and Lodgian may continue to sell specified assets during the exclusivity period. Lodgian is permitted to consider other unsolicited offers for the company if the Lodgian board concludes that such offers are superior to Edgecliffs proposal and Lodgian is not obligated to reimburse Edgecliff for any of its expenses should the company pursue another transaction. (12/27/00)
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