On Feb. 21, Winston agreed to merge with Wilbur AcquisitionHolding, a limited liability company held by affiliates of Och-ZiffReal Estate and Norge Churchill, Inc. The deal put the total dollaramount at $430.1 million, or $14.10 per share. Two weeks later,Inland American upped the ante with its own $15-per-share bid, asGlobeSt.com previously reported.
After weighing both offers, Winston's board of directors and anindependent special committee of the board threw its support behindOak Brook, IL-based Inland. As a result, Winston executives say thecompany has complied with the termination provisions of the Wilburagreement, including the payment of termination fees andreimbursement of expenses. Winston executives expect, in turn, tobe reimbursed by Inland, according to a release.
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