DALLAS, Sept. 28, 1999 (PRIMEZONE) -- Continental Mortgage and Equity Trust (Nasdaq:CMETS) and Transcontinental Realty Investors, Inc. (NYSE:TCI) announced on Tuesday that their respective shareholders approved the merger of the REITs in special meetings held today. The merger proposal was passed 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.
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. The merger is expected close October 5, 1999.
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.