ATLANTA Lodgian reported that its board of directors met to consider Edgecliff Holdings offer to acquire all outstanding shares of the company for $4.75, subject to certain terms and conditions.
Lodgians Chairman Joseph Calabro prepared a letter for Mr. Yung at Edgecliff Holdings stating that “Lodgian is prepared to move forward expeditiously to attempt to negotiate a definitive agreement with Edgecliff on an exclusive basis subject to the following: – Edgecliff agrees not to make an offer to acquire Lodgian for less than $4.75 per share – The exclusivity arrangement must permit Lodgian to continue to conduct asset sales; and – Lodgian will not reimburse any expense of Edgecliff or otherwise pay a termination or similar fee to Edgecliff in connection with the exclusivity arrangement.”