SAN DIEGO, June 7 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) today announced that it has received a proposal from Schottenstein
Stores Corporation to negotiate a business combination in which the Company
would be merged into an acquisition affiliate of Schottenstein, and holders of
the Company's common stock would receive $13 per share.
Schottenstein today filed a Schedule 13D with the Securities and Exchange
Commission in which it also reported that it has acquired approximately 8.2%
of the Company's outstanding common stock.
The merger proposal is subject to a number of conditions, including
completion of due diligence satisfactory to Schottenstein, obtaining new
senior debt financing of up to $800 million in connection with the merger, and
the assumption of certain outstanding indebtedness of the Company. The
proposed transaction is also made conditional upon approval of the Company's
stockholders and of the holders of units in the Company's operating
partnership.
J. David Martin, Chief Executive Officer of Burnham Pacific, stated: "The
Company will review this proposal to evaluate whether it is in the best
interests of our company and our shareholders. Meanwhile, the Company is
committed to pursuing its national program of acquiring shopping centers with
CALPERS, including its recently announced purchase of most of the retail
portfolio of AMB Property Corporation. The first phase of this purchase is
scheduled to close next week."
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 obtained by calling 800.462.5181,
or visiting the Company's web site at http://www.burnhampacific.com.
This news release contains forward-looking statements regarding future
events or financial performance of the Company. These statements are only
predictions and actual events or results may differ materially. Investors
should refer to the documents the Company files from time to time with the
Securities and Exchange Commission, specifically the cautionary statement
identifying certain factors that could affect future results included in the
"Risk Factors" section of the Company's most recently filed Registration
Statement and in the "Forward Looking Statements & Certain Risk Factors"
section of the Company's most recently filed Form 10K.
SOURCE Burnham Pacific Properties, Inc.
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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
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