Shareholders of Condor Hospitality Trust have approved the proposed acquisition merger of Condor by NHT Operating Partnership, the operating partnership of NexPoint Hospitality Trust. The proposed merger agreement was first announced in July.
At a special meeting of Condor shareholders held on Monday, holders of more than 81.8 percent of the shares of Condor common stock entitled to be cast and holders of 100 percent of the shares of Condor Series E Cumulative Convertible preferred stock voted in favor of adopting and approving the merger agreement and transactions, including the acquisition of Condor’s operating partnership by a subsidiary of NHT OP.
The merger is 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 percent 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 per share. Limited partners of Condor’s operating partnership, Condor Hospitality Limited Partnership, will be entitled to receive $0.21346 per Condor OP partnership interest.