ATLANTA- Lodgian postponed its annual shareholder meeting, scheduled for today, until Friday, October 20, 2000, in order to give shareholders the opportunity to consider important information relating to the boards receipt of a sale proposal.
Whitehall Street Real Estate Limited Partnership XIII and Whitehall Parallel Real Estate Limited Partnership XIII (Whitehall) have made a proposal to the Lodgian board to acquire all of the outstanding shares of the Company for a cash purchase price of $4.50 per share, subject to certain adjustments.
Lodgian retains the right to terminate the transaction if the consideration to be paid to shareholders is less than $4.00 per share. Whitehall is a real estate investment fund sponsored by Goldman, Sachs & Co.
The final terms of the transaction must be approved by the Companys board of directors and would be submitted to a shareholder vote. (10/12/00)