SAN DIEGO, June 21 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) announced today that it has retained Goldman, Sachs & Co. to
assist the Company in reviewing the acquisition proposal from Schottenstein
Stores Corporation and affiliates. In addition to retaining Goldman, Sachs &
Co., on June 19, 1999, the Company's Board of Directors adopted a Shareholder
Rights Plan. The Plan is designed to enhance the Board's ability to protect
the interests of its shareholders and provide the Board with sufficient time
to consider the proposal.
In connection with the adoption of the Shareholder Rights Plan, the Board
of Directors declared a dividend distribution of one preferred stock purchase
right for each outstanding share of common stock. Initially, these rights
will not be exercisable and will trade with the shares of Burnham Pacific's
common stock. Under the Shareholder Rights Plan, the rights generally become
exercisable if a person becomes an "acquiring person" by acquiring 10% or more
of the common stock of Burnham Pacific or if a person commences a tender offer
that could result in that person owning 10% or more of the common stock of
Burnham Pacific. In the event that a person becomes an "acquiring person"
each holder of a right (other than the acquiring person) would be entitled to
purchase such number of shares of preferred stock, which are equivalent to
Burnham Pacific common stock having a value of twice the exercise price of the
right. The record date for the dividend distribution of the rights will be as
of the close of business on July 1, 1999. Additional details concerning the
terms of the Shareholder Rights Plan will be outlined in a letter which will
be mailed to shareholders shortly.
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 10-K.
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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