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Article: Equity Inns, RFS Agree to Stock Merger to Create $1.8 Billion Hotel REIT.
- Article from:
- Business Wire
- Article date:
- April 21, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MEMPHIS, Tenn.--(BUSINESS WIRE)--April 21, 1998--Equity Inns, Inc. (NYSE:ENN) and RFS Hotel Investors, Inc. (NYSE:RFS) today announced that they have signed a definitive agreement to merge the two companies in a stock transaction which will create a $1.8 billion hotel REIT with a diversified portfolio of full service, upscale extended stay, all suite and premium limited-service hotels.
Under the terms of the agreement, which was approved unanimously by the Boards of Directors of both companies, each share of RFS will be exchanged for 1.5 shares of Equity Inns. At closing, RFS board members Robert M. Solmson and Bruce E. Campbell, Jr. will join the Equity ...
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