DALLAS, Oct. 5, 1999 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) announced Tuesday that the closing of its merger with Continental Mortgage and Equity Trust (Nasdaq:CMETS) has been delayed pending the consent of a lender.
Upon the approval of the lender, the merger will proceed with the tax-free exchange of 1.181 shares of TCI for each CMET share of beneficial interest. As the surviving company, Transcontinental will own 149 properties and have a market capitalization of $106.8 million.
TCI and CMETS respective shareholders approved the merger of the REITs in special meetings held Sept. 28, 1999, by a vote of 78 percent of the outstanding shares held by Continental shareholders and 65 percent of the outstanding shares of Transcontinental shareholders.
Transcontinental Realty Investors, Inc. is a Dallas-based real estate investment trust that owns apartments, office buildings, shopping centers, industrial warehouses, hotels and land nationwide.