{"id":13298,"date":"2017-04-10T13:35:54","date_gmt":"2017-04-10T17:35:54","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=13298"},"modified":"2017-04-10T15:59:12","modified_gmt":"2017-04-10T19:59:12","slug":"moody-national-reit-i-sets-merger-vote","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/moody-national-reit-i-sets-merger-vote\/","title":{"rendered":"Moody National REIT I Sets Merger Vote"},"content":{"rendered":"

\"Blue_OrangeNewsAlert_2\"<\/h1>\n

Moody National REIT I Sets Merger Vote<\/strong><\/h1>\n

April 10, 2017 | by James Sprow | Blue Vault<\/p>\n

<\/p>\n

On April 5, 2017, Moody National REIT I, Inc., filed a proxy solicitation by the board of directors to appoint Brett C. Moody and or Robert W. Engel to vote on the stockholders\u2019 behalf on the proposed merger of Moody National REIT I, Inc. into Moody National REIT II, Inc. at the stockholder meeting on May 24, 2017.\u00a0<\/p>\n

The boards of directors of Moody National REIT I, Inc. (\u201cMoody I\u201d) and Moody National REIT II, Inc. (\u201cMoody II\u201d) have each unanimously approved the agreement and plan of merger dated November 16, 2016.\u00a0 Subject to the terms and conditions of the merger agreement, Moody II has agreed to pay gross consideration of $11.00 per share of Moody I common stock, which amount will be reduced by all fees and expenses that Moody I incurs as a result of or in connection with the Mergers and other transactions contemplated by the Merger Agreement (including certain disposition fees and profit sharing amounts to Moody National REIT Sponsor, LLC, or the Sponsor, and parties related thereto, financial advisory and legal fees payable by Moody I, and other transaction and closing costs incurred by Moody I), which fees and expenses are referred to as the \u201cMoody I transaction fees and expenses,\u201d to arrive at the net merger consideration payable to the holders of Moody I common stock, which is referred to as the \u201cnet per share price;\u201d provided, that in no event will the net per share price be less than $10.25. Pursuant to the terms of the Merger Agreement, the parties thereto have determined the final amount of the Moody I transaction fees and expenses and have calculated the net per share price. Based on such determination, the net per share price was determined to be $10.25.<\/p>\n

\u00a0At the effective time of the Merger, each outstanding share of Moody I common stock will be automatically cancelled and retired, and converted into the right to receive, at the election of the holder of such share of Moody I common stock, but subject to the limitations discussed below, either:<\/p>\n