Michael Shustek, CEO of Vestin and Craig Burr entered into a definitive merger agreement to acquire remaining 32.3% stake in Vestin Realty Mortgage II, Inc. (OTCPK:VRTB) in an all-cash transaction valued at approximately $5 million on August 2, 2023. Buyers will acquire the outstanding shares of common stock of Vestin for $4,020.00 per share in an all-cash transaction valued at approximately $5.025 million. Buyers currently owns approximately 67.7% of Vestin common stock. Upon completion of the transaction, Vestin common stock will no longer be listed on any public market.

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.