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Prime Hospitality Corp. (NYSE: PDQ) announced that its stockholders, voting at a special meeting held in Fairfield, New Jersey this morning, have adopted the Agreement and Plan of Merger among the Company and affiliates of The Blackstone Group.
Approximately 99.9% of stockholders present and voting adopted the merger agreement, representing approximately 65.4% of the total number of outstanding shares entitled to vote.
The proposed merger was announced on August 18, 2004 and is expected to close on October 8, 2004, pending the satisfaction or waiver of all of the conditions set forth in the merger agreement. Under the terms of the merger agreement, the Company's stockholders will receive $12.25 per share in cash, without interest.
About Prime Hospitality Corp.
Prime Hospitality Corp., one of the nation's premiere lodging companies, owns, manages, develops and franchises more than 250 hotels throughout North America. The Company owns and operates three proprietary brands, AmeriSuites® (all suites), PRIME Hotels & Resorts® (full-service) and Wellesley Inns & Suites® (limited service). Also within Prime's portfolio are owned and/or managed hotels operated under franchise agreements with national hotel chains including Hilton, Sheraton, Hampton, and Holiday Inn.
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