NTS Realty Holdings Limited Partnership (NLP) announced that it has entered into a definitive merger agreement with entities created and controlled by J.D. Nichols, the founder and Chairman of NTS, and Brian F. Lavin, the President and CEO of NTS.
Upon consummation of the merger, all of the outstanding partnership units of NTS not owned by Nichols and Lavin and their affiliates would convert into $7.50 per unit in cash.
The final price of $7.50 per unit represents a 43% premium above their original $5.25 proposal and a 144% premium above the closing price of $3.07 for NTS units on the last trading day prior to the publication of Nichols and Lavin's August 31 proposal.
The merger and related transactions are expected to be completed in the first half of 2013.
The Board of Directors of the general partner of NTS approved the merger agreement and has recommended that unitholders of NTS vote to approve the merger.
In late-August, NTS Realty Holdings said that the board of directors of its managing general partner, NTS Realty Capital, Inc., has received a non-binding proposal from NTS' founder and Chairman, J.D. Nichols and Brian Lavin, its Chief Executive Officer, for a going private transaction. The proposal contemplated the acquisition of all of the public limited partnership interests of NTS Realty Holdings not already beneficially owned by Nichols and Lavin at a price of $5.25 per share in cash.
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