Richard “Rick” Budd appointed Chairman of the Board and Thomas Morris appointed Chief Executive Officer
DALLAS, TX (May 17, 2011) — Silverleaf Resorts, Inc. (NASDAQ: SVLF), a leader in the development, marketing and operation of timeshare resorts, announced yesterday the completion of its merger with Resort Merger Sub Inc., an affiliate of Cerberus Capital Management, L.P. (“Cerberus”). Under the terms of the merger agreement, Silverleaf shareholders will receive $2.50 in cash for each share of Silverleaf common stock they own, representing a premium of approximately 75% based on the closing trading price of $1.43 of Silverleaf common stock on February 3, 2011, the date on which the merger agreement was executed. As a result of the closing of the merger, Silverleaf is now a private company, wholly-owned by affiliates of Cerberus, and its common stock will ceased to trade on NASDAQ at market close yesterday. The merger was approved by Silverleaf’s shareholders on May 11, 2011.
With the completion of the acquisition, Richard “Rick” Budd, a director of the Company since 2002 and Chairman of its Audit Committee, has been appointed to serve as the Company’s Chairman of the Board. Thomas Morris, who has served as the Company’s Executive Vice President, Capital Markets and Strategic Development, since 2005 has been appointed as Chief Executive Officer. Robert Mead, the Company’s former Chairman and CEO, has retired from the Company. The Company will continue to operate under the name Silverleaf Resorts, Inc.
“I am excited to lead Silverleaf as the Company begins a new chapter as a leader in the vacation ownership industry,” said Thomas Morris, CEO of Silverleaf. “We would like to thank Bob for his service and many contributions to Silverleaf Resorts. I look forward to working with the dedicated Silverleaf management team and employees in providing our members with exemplary vacation experiences at affordable prices. Silverleaf has an excellent foundation, and as a Cerberus portfolio company will have new opportunities for investment in our current properties and growth to support our customers’ needs now and in the future.”
The Board of Directors of the Company was advised by Gleacher & Company Securities, Inc. in connection with the merger.
SOURCE: Silverleaf Resorts