The $99 million-asset Sunnyside disclosed in a regulatory filing Thursday
that Rhodium increased the size of its offer by 8%, to $20.25 a share. Sunnyside
also agreed to pay Rhodium a $1.5 million fee if it terminates the sale.
Rhodium also agreed to indemnify Sunnyside and its directors and
officers for up to $1 million of out-of-pocket costs and expenses tied to
litigation brought by “certain persons, including stockholders.”
Sunnyside originally agreed in March to sell to DLP Real Estate
Capital in Saint Augustine, Fla., for $12.3 million. But Rhodium swooped in
with a $14.9 million offer that Sunnyside agreed
to in July.
Kenneth Torsoe, an investor in Suffern, N.Y., attempted to disrupt the deal by announcing earlier this month that he was willing to pay $20 a share in
cash, stating that it represented a 7% premium to Rhodium’s offer.
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