CDOR - Condor Hospitality: Merger Delay (Again) Creates Short-Term Opportunity

Last summer, Condor Hospitality (CDOR) announced that the company had reached an agreement to "merge with" (actually be purchased by) Nepoint Hospitality Trust. I had accurately proposed such an outcome was possible in an earlier article on Condor, as the company was nearing the end of a major repositioning and capital recycling campaign and capital restructuring from the Supertel days. The offer was the outright purchase of all outstanding shares for $11.10 per share in cash, assumption of existing debt, and wasn't contingent on debt financing by NexPoint. The $11.10 offering price