Gaylord Entertainment Co. (GET), an entertainment and hospitality company, Monday signed an agreement with TRT Holdings Inc. pursuant to which the company repurchased 5 million shares worth $185 million or $37.00 per share concurrently with the agreement's execution. The Company funded the purchase price with borrowings under its existing $925 million credit facility.
Under the terms of the agreement, TRT has agreed to vote all of the remaining shares that it holds in favor of the proposals to be given at the special meeting of the company's stockholders to be held in connection with the company's plan to qualify as a real estate investment trust ("REIT") for federal income tax purposes.
For comments and feedback: editorial@rttnews.com