Wilshire Enterprises Merges with NWJ Cos.
- Jun 16, 2008
By Anuradha Kher, Online News EditorNewark, N.J.–Wilshire Enterprises Inc. and NWJ Cos. Inc. have entered into a definitive merger agreement providing for a purchase price of $3.88 per share in cash for each of the approximately 7.9 million Wilshire common shares outstanding.Wilshire, based in Newark, N.J., is an owner and manager of multifamily, retail and office buildings, and New York-based NWJ is a privately owned multifamily real estate investment and redevelopment organization.Under the merger agreement, Wilshire may continue to solicit proposals for alternative transactions from third parties for the 30-day period ending July 16, 2008. “We are pleased to deliver solid value to our shareholders in a very difficult market environment,” says Sherry Wilzig Izak, CEO of Wilshire. “This merger agreement is the result of months of hard work by everyone involved.”Nickolas W. Jekogian III, CEO of NWJ, says, “This transaction is a major step forward in the implementation of our long-term growth strategy. We look forward to adding Wilshire’s outstanding properties to the growing NWJ portfolio.” Completion of the transaction, expected to occur during the third quarter of 2008, is subject to customary closing conditions, including approval of the transaction by Wilshire’s stockholders.Stockholders will be asked to vote on the proposed transaction at a stockholders’ meeting to be held later. Holders of the company’s common stock representing approximately 26.5 percent of the voting power of Wilshire’s capital stock have agreed to vote their shares in favor of the merger.