Lamar Advertising Company has entered into a definitive agreement and plan of merger with BOWLIN Outdoor Advertising & Travel Centers Incorporated (BOWLIN). At the effective time of the merger, all of
the outstanding shares of BOWLIN will be converted into 725,000 shares of Lamar's Class A common stock. In connection with the merger, Lamar will assume up to $14.5 million in BOWLIN long term debt.
BOWLIN has the right to terminate the merger agreement if the average closing sales price of Lamar's Class A common stock over a 30 trading day period prior to closing is less than $40.00 per share.
The merger is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act, shareholder approval and the satisfaction of various other closing conditions.
