Michael Shustek, CEO of Vestin and Craig Burr completed the acquisition of remaining 32.3% stake in Vestin Realty Mortgage II, Inc..
The Vestin board of directors approved the definitive merger agreement following the recommendation of a special committee of the board. Transaction is not subject to financing conditions and is expected to close in the third quarter of 2023, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Vestin stockholders. As of September 26, 2023, Vestin stockholders voted 100 percent in favor of the merger.
Cogent Valuation served as financial advisor for Vestin. Saul Ewing Arnstein & Lehr LLP is acting as legal counsel to the special committee of the board of directors of Vestin. Snell & Wilmer is acting as legal counsel to buyers. Vestin has also received an opinion from Cogent Valuation stating that the merger consideration is fair, from a financial perspective, to the holders of shares of the company's common stock.
Michael Shustek, CEO of Vestin and Craig Burr completed the acquisition of remaining 32.3% stake in Vestin Realty Mortgage II, Inc. (OTCPK:VRTB) on September 26, 2023.