DALLAS, Dec. 1, 1999 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) announced Wednesday that its merger with Continental Mortgage and Equity Trust (Nasdaq:CMETS) closed on November 30, 1999.
As per the merger agreement, Transcontinental will proceed with a 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 $108.8 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 held by 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. For more information about TCI, go to the company's Web site at www.transconrealty-invest.com.