Inland Cap Bids on Winston Hotels

Countering an earlier acquisition proposal from Wilbur Acquisition, Inland Capital Markets Group, Oak Brook, Ill., has made an offer to acquire Winston Hotels for $15 per share in cash.In late February, Wilbur had entered into an agreement to acquire the Raleigh, N.C.-based hotel real estate investment trust for $14.10 per share. Inland, which is looking to acquire Winston for its Inland American Real Estate Trust, reported that its offer (which is not subject to any financing arrangement) would provide shareholders "with a higher transaction price" than the existing agreement with Wilbur. Following news of the Inland bid, Winston common shares were trading above $15 on March 9, after closing at $13.97 on March 8. The companies can be found online at http://www.inland-american.com and http://www.winstonhotels.com.