Schottenstein Stores to Join the Bidding Process
SAN DIEGO, Feb. 15 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has completed the initial phase of its
exploration of its strategic alternatives which it is conducting with the
assistance of Goldman, Sachs & Co., Inc.
In the next phase, the Company will exchange additional information with a
selected group of interested parties including Schottenstein Stores
Corporation, which has signed a confidentiality agreement without standstill
provisions with the Company.
To give the interested parties sufficient time to analyze the additional
information and prepare definitive proposals, the Company has rescheduled the
date for its annual meeting of stockholders to July 11, 2000. Westbrook
Partners and Blackacre Capital, the Company's two large preferred equity
holders, agreed in advance to the rescheduling, while Schottenstein Stores has
informed the Company that it does not object to the rescheduling.
Burnham Pacific is a real estate investment trust (REIT) that focuses on
value-added retail real estate opportunities throughout the United States.
The Company makes available on a quarterly basis supplemental information that
includes property and corporate level detail which is available upon request.
More information on Burnham Pacific may be found on the Company's web site at
burnhampacific.com or by calling 800-462-5181.
This news release contains "forward-looking statements" that predict or
indicate future events or trends or that do not relate to historical matters.
We cannot assure the future events or outcomes of the matters described in
these statements; rather, these statements merely reflect our current
expectations of the approximate outcome of the matter discussed. Investors
should read the documents the Company files from time to time with the SEC,
specifically the risk factors that were disclosed in our Registration
Statement on Form S-3 that was filed with the SEC on August 13, 1999. You
should be aware that the risk factors contained in that Form S-3 may not be
exhaustive. Therefore, we recommend that you read the information in that
Form S-3 together with other reports and documents that we file with the SEC
from time to time, including our Forms 10-K, 10-Q, and 8-K which may
supplement, modify, supersede or update those risk factors.
SOURCE Burnham Pacific Properties, Inc.
 back to top
Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., 619-652-4700, fax,
619-652-4711, dbplatt@bpac.com
|
