SAN DIEGO, July 26 /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP) announced today that its Board of Directors has unanimously voted
to reject Schottenstein Stores Corporation's conditional and unsolicited
proposal to purchase the outstanding stock of Burnham and the outstanding
units of Burnham's operating partnership.
J. David Martin, Burnham's Chief Executive Officer, stated "The Directors,
after extensive review of the Schottenstein proposal and after receiving
advice from its financial advisor Goldman Sachs, concluded that it would not
be in the best interests of Burnham's common shareholders to accept the
proposal."
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
(BPP)
CONTACT:
Media: Judy Brennan of Sard Verbinnen,
212-687-8080; or Investor Relations: 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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