DALLAS, June 29, 1999 (PRIMEZONE)-- Continental Mortgage and Equity Trust (NASDAQ: CMETS) Tuesday announced that its shareholders overwhelmingly approved the merger of CMETS and Transcontinental Realty Investors, Inc. in a special meeting held in Dallas today.
The merger was approved by a vote of 67 percent of the outstanding shares held by Continental shareholders. The merger will proceed with a tax-free exchange of 1.181 shares of Transcontinental Realty Investors for each share of beneficial interest in Continental Mortgage with Transcontinental as the surviving company. The merger is expected to close by the end of July 1999.
In a related special meeting of Transcontinental Realty Investors shareholders, the meeting was adjourned and reset for Thursday, July 15, 1999, in Dallas.
Continental Mortgage and Equity Trust and Transcontinental Realty Investors, Inc. are Dallas-based real estate investment trusts that operate nationwide.