Wilshire Enterprises (WOC) and NWJ Companies Affiliates Sign Merger Agreement

June 16, 2008 7:31 AM EDT

Wilshire Enterprises, Inc. (Amex: WOC) and NWJ Companies, Inc. today announced that they 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.

The $3.88 per share cash purchase price represents a 23% premium to the average closing price of Wilshire's common stock for the thirty trading days preceding today's announcement. Friedman, Billings, Ramsey & Co., Inc. acted as financial advisor to Wilshire.

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.

Wilshire Enterprises, Inc. engages in acquiring, owning, and operating real estate properties and real estate related securities in the United States.

Related Categories

Mergers and Acquisitions

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• Friedman, Billings, Ramsey

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