BINGHAM FARMS, Mich., Jan. 15 /PRNewswire/ -- Malan Realty Investors, Inc.
(NYSE: MAL), a self-administered real estate investment trust (REIT), today
announced that its board of directors has declared a special dividend
distribution of one right to purchase one one-thousandth of a share of Malan's
Series A Junior Participating Preferred Stock for each outstanding common
share of Malan at a purchase price of $42.00. The board's action was taken at
a special meeting held today.
"The board of directors feels that the common stock of Malan is presently
undervalued," said Malan's President and Chief Executive Officer Anthony S.
Gramer. "This rights plan is designed to help the board of directors assure
that all Malan shareholders are treated fairly in any unsolicited takeover
attempt. The most advantageous time to take this step to protect
shareholders' interest is now, when Malan is free from the pressure of any
unsolicited takeover attempt."
The rights will become exercisable only if a person or group, without the
prior approval of the board of directors, (i) acquires 15 percent or more of
Malan's common stock or (ii) announces a tender offer that would, if
consummated, result in the ownership of 15 percent or more of the company's
common stock. The rights plan is not applicable to, and the rights do not
become exercisable as a result of the stock ownership of, any person or group
that currently owns 15 percent or more of Malan's common stock unless such
person increases its current ownership position.
Once a person or group has acquired 15 percent or more of the outstanding
common stock of Malan, each right will entitle its holder to purchase Malan's
common stock (or of any company that acquires Malan) at a 50 percent discount.
The rights are redeemable at the option of the board of directors. The
rights will expire on January 15, 2009, unless redeemed or exchanged by the
company prior to that date. Distribution rights are not taxable to
shareholders.
A detailed description of the rights plan will be mailed to Malan's
shareholders.
Malan Realty Investors, Inc. owns, acquires, redevelops and manages
properties that are leased primarily to national and regional retail
companies. The company owns a portfolio of 66 properties located in 10 states
that contains an aggregate of approximately 6.2 million square feet of gross
leasable area. The company currently has 5.2 million common shares
outstanding.
SOURCE Malan Realty Investors, Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/114165.html or fax,
800-758-5804, ext. 114165
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, Inc., 248-644-7110; or Fred Nachman of
Corporate.Technology Communications, Inc., 312-832-9300, ext.
202, for Malan Realty Investors, Inc.
NOTE TO EDITORS: News releases for Malan Realty Investors are
available through Company News On-Call by fax at 800-758-5804,
ext. 114165, or http://www.prnewswire.com
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