Seen on ehotelier.com, Feb 26, 2007
Winston Hotels Inc., a real estate investment trust focused on hotels, on Wednesday said it agreed to be acquired by Wilbur Acquisition Holding Co. LLC for $14.10 per share.
As of Dec. 30, the company had about 30.5 million weighted average outstanding shares, implying a purchase price of $430.1 million.
Winston, which owns 44 hotels and has investments in nine others, said the deal is expected to close in the second quarter.
Wilbur Acquisition Holding Co. is held by affiliates of Och-Ziff Real Estate and Norge Churchill Inc.
Shares rose 29 cents, or 2.1 percent, to $14 during aftermarket electronic trading on the INET, after closing at $13.71 on the New York Stock Exchange.
Source: Business Week