ATLANTA Lodgian announced that Edgecliff Holdings most recent press release contains a number of misstatements regarding Lodgian s agreement with Whitehall Street Real Estate Partnership, which Lodgian desires to clarify.
Contrary to the Yung group s statements, Lodgian is able to consider the Yung group s offer and provide due diligence information to the Yung group simultaneously with its consideration of the Whitehall proposal as long as the Yung group executes a confidentiality agreement containing a reasonable standstill period equal to 90 days. Furthermore, both parties can pursue their due diligence of the company simultaneously and before Lodgian enters into a definitive agreement with either party.
Contrary to the Yung group s suggestion that Lodgian commence negotiating a definitive agreement immediately with the Yung group, Lodgian does not believe it is in the best interests of its shareholders, who desire to obtain the highest possible price for their investment, to attempt to negotiate a definitive agreement with any party prior to completion of diligence by both parties. (10/20/00)