National's shareholders gave the deal their thumbs up at their annual meeting in the REIT's headquarters town of Santa Monica on December 18. As a point of interest, at that meeting, C&W chairman John C. Cushman, III--along with Charles S. Paul--were re-elected as directors of National Golf, and PricewaterhouseCoopers LLP was ratified as independent public accountants for National Golf and its subsidiaries for the fiscal year 2002.
That meeting came almost two weeks after the investment group named Roland Smith as CEO of the two companies. Smith, who was president and CEO of AMF Bowling Worldwide before being tapped for the position, will be installed now that the deal has closed.
The $1 billion price tag aggregates stock payouts and debt assumption. Holders of outstanding public shares are $12 per share richer then they were yesterday.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
