DALLAS Shareholders of timeshare operator Silverleaf Resorts Inc. have approved a merger agreement with an affiliate of Cerberus Capital Management LP.
The merger earned approval from 76% of all eligible share votes, Silverleaf says. Silverleaf expects to formally close the merger by next week. Upon completion of the merger, Silverleaf will become a private company, wholly-owned by SL Resort Holdings Inc., an affiliate of Cerberus, and its common stock will no longer be traded on the Nasdaq exchange.
Silverleaf shareholders will receive US$2.50 for each share owned, representing a premium of approximately 75% based on the closing trading price of US$1.43 of Silverleaf common stock on February 3, the date on which the merger agreement was executed.