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Article: Servico Announces Adjustment To Terms Of Merger With Impac Hotel Group - Locks In Number Of Shares To Be Issued To Impac At 9,400,000.
- Article from:
- Business Wire
- Article date:
- September 16, 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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WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Sept. 16, 1998--Servico, Inc. (NYSE:SER), a nationwide owner and operator of hotels, today announced that it has reached an agreement with Impac Hotel Group to amend the terms of their previously announced merger. The agreement calls for Servico and Impac to merge and form a new company to be named Lodgian.
The original agreement called for the issuance of a total of 7.4 million Lodgian common shares to Impac unit holders, subject to upward adjustment, if Servico's common stock traded below a minimum average price of $14 during a defined period. Due to overall equity market conditions, Servico's common stock has traded ...