American Realty Trust (ARB)-TCI, IOT, CMETS Message Board

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Strategies & Market Trends : American Realty Trust (ARB)-TCI, IOT, CMETS

ARB 29.03

-0.1%

Oct 30 4:00 PM EDT

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To: leigh aulper who wrote ()	9/22/1998 7:47:00 AM
From: leigh aulper	Read Replies (1) of 24

REITS Announce Proposal for Transcontinental Realty Investors, Inc. to Acquire Continental Mortgage and Equity Trust DALLAS, Sept. 21 /PRNewswire/ -- The Board of Directors of Transcontinental Realty Investors, Inc. (NYSE: TCI) ("Transcontinental Realty") and the Board of Trustees of Continental Mortgage and Equity Trust (Nasdaq: CMETS) ("Continental Mortgage"), today announced approval of a proposal for Transcontinental Realty to acquire Continental Mortgage. Transcontinental Realty and Continental Mortgage have entered into a Letter of Intent for Transcontinental Realty to acquire all of the outstanding shares of Continental Mortgage in a tax-free exchange of shares whereby Continental Mortgage will be merged into Transcontinental Realty. Under the proposal, Transcontinental Realty would issue 1.181 shares of common stock of Transcontinental Realty in exchange for each outstanding share of beneficial interest of Continental Mortgage. On September 21, 1998, the closing price per share of Transcontinental Realty was $13.125 and the closing price per share of Continental Mortgage was $16.00. The merger and share exchange is subject to the negotiation of a definitive merger agreement and a vote of the shareholders of both entities. Transcontinental Realty and Continental Mortgage are real estate investment trusts which operate nationwide. Both entities are based in Dallas, Texas.

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