Although a May 11 closing is set for a $185.5-million deal, it can be extended 30 days if lender requirements cannot be met. Closing on a Huntsville, AL property is scheduled to close in December, and Banyan has the option to sell properties in Louisville, KY and Atlanta to a third party. If Denholtz buys all three remaining properties, the deal would be worth $224 million.
The REIT expects its shareholders to receive at least $6 per share as a result of the liquidation. About $5 per share will be disbursed about 30 days after the first closing with Denholtz Management.
"We are very pleased that we have concluded the negotiations over this amendment in an expeditious manner," says Banyan interim president and CEO Larry Schafran. "We view the commitment of Denholtz, as evidenced by the substantial non-refundable earnestmoney deposit, as being solid. We are looking forward to the initial and subsequent closings.
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