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Trustees: Antioch College is up for sale
Negotiations to sell the Yellow Springs college for $12.2 million are re-opened, university says.
Sunday, March 30, 2008
YELLOW SPRINGS — Antioch University on Saturday, March 29, announced that it is seeking a buyer for Antioch College after negotiations on Friday fell apart with the Antioch College Continuation Corporation.
The university said it will re-open negotiations with the Yellow Springs-based non-profit ACCC or any other party to sell the college for $12.2 million provided two sticking points can be resolved that caused the impasse.
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In its "best and final offer" this week, the corporation — comprised of wealthy alumni and former trustees — offered to buy the college for $12.2 million in order to make Antioch College independent. But its offer of providing half the cash at closing and pay the balance over a five-year period was not acceptable to the university, both parties announced Friday.
The university said it needs the entire cash amount up front, at closing.
The corporation also wanted National Public Radio affiliate WYSO included in the sale. The university could not agree to that either, it said.
Trustees voted Friday afternoon to re-open the negotiations and said they will agree to an offer from the corporation or any other party, as long as they can provide the cash up front.
Lynda Sirk, spokeswoman for Antioch University, said that trustees "feel that if they can work out the financing on $12.2 million, the rest is definitely workable."
If no buyer comes up in time, the college on June 30 will close for at least one year as originally planned, unless faculty win a pending lawsuit against the school.
The ACCC since December has been negotiating with university officials.
Negotiations in late February took on a sense of urgency, when university trustees reaffirmed their June 2007 decision to close Antioch College for a year after initial negotiations with the ACCC did not produce an agreement.
Chancellor Toni Murdock said the university has significant bond debt on the new Antioch University McGregor building in Yellow Springs, and buildings in Seattle and in Keane, N.H.
Antioch University consists of six campuses in four states.
