Shareholders of Suburban Lodges of America, Inc. (Nasdaq:SLAM), at a Special Meeting of Shareholders conducted earlier today, have approved the Company’s previously announced proposed merger with InTown Suites Management, Inc. The merger agreement provides for the acquisition of all of Suburban Lodges’ outstanding common stock for $8.25 per share in cash plus a proportionate interest in a liquidating trust.
The closing of the proposed merger is subject to various other customary conditions to closing. Subject to the satisfaction or waiver of those conditions to closing, Suburban Lodges currently expects the closing to occur within the next several days.
The Company’s statement of its expectation with respect to the timing of the closing of the proposed merger is a forward-looking statement and is subject to numerous risks and uncertainties that are outside the control of the Company, including the risk that economic or other factors could adversely affect Intown Suites’ ability to obtain the financing necessary to complete the merger or could otherwise delay or prevent the closing or that other risks or uncertainties affecting the Company or its operations could delay or prevent the conditions to closing from being satisfied. For a statement of additional risks relating to the proposed merger, reference is made to the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 2, 2002. Suburban Lodges does not undertake to publicly update or revise its statement of its expectations as set forth herein, whether as a result of new information, future events or other factors.
Suburban Lodges of America, Inc. owns, franchises and manages Suburban Lodge hotels, including 65 Company-owned Suburban Lodge hotels with 8,586 guestrooms, and franchises GuestHouse International hotels, a mid-market nightly stay hotel chain.
InTown Suites Management, Inc. is a privately held corporation based in Atlanta, Georgia, that develops extended stay hotels and currently owns and manages 53 InTown Suites hotels with more than 6,800 rooms in 13 states and 24 major cities.