Shareholders of Condor Hospitality Trust Approve Merger
Condor Hospitality Trust, Inc. (“Condor”) announced that its shareholders approved the proposed acquisition by merger of Condor by NHT Operating Partnership, LLC (“NHT OP”), the operating partnership of NexPoint Hospitality Trust.
At a special meeting of Condor shareholders held on September 23, 2019, holders of more than 81.8% of the shares of Condor common stock entitled to be cast, and holders of 100% of the shares of Condor Series E Cumulative Convertible preferred stock, voted in favor of adopting and approving the merger agreement and the transactions contemplated thereby (including the acquisition of Condor’s operating partnership by a subsidiary of NHT OP). Condor will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.
The merger is currently expected to close during the fourth quarter of 2019, subject to the satisfaction of customary closing conditions.
Upon completion of the merger and associated transactions, holders of Condor common stock will be entitled to receive $11.10, without interest thereon, per share, a premium of approximately 34% over Condor’s unaffected share price of $8.27 as of July 19, 2019, the most recent trading day before the public announcement of the proposal to acquire Condor, holders of Condor Series E preferred stock will be entitled to receive $10.00 per share and limited partners of Condor’s operating partnership, Condor Hospitality Limited Partnership, will be entitled to receive $0.21346 per Condor OP partnership interest.