BINGHAM FARMS, Mich., Sept. 14 /PRNewswire/ -- The board of directors of
Malan Realty Investors, Inc. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced it has terminated a shareholder
rights plan adopted in January 1999. The action was taken at a special board
meeting conducted today.
"The board believes terminating the 'poison pill' is in the best interest
of all shareholders because it enhances our accountability," said Paul Gray,
chairman of the board of Malan Realty Investors. "The slate elected to the
board of directors last spring pledged to reinvigorate the process of
enhancing shareholder value, and we have taken this important step toward this
goal."
Terminating the plan was not taken in response to any specific effort to
increase ownership of the company, and the board is not aware of any such
effort, Gray noted.
Under the former plan, 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 would have been exercisable if a person or group,
without the prior approval of the board of directors, had acquired 15 percent
or more of Malan's common stock or announced a tender offer that would, if
consummated, have resulted in the ownership of 15 percent or more of the
company's common stock. The rights plan was not applicable to, and the rights
did not become exercisable as a result of the stock ownership of any person or
group that then owned 15 percent or more of Malan's common stock unless such
person increased its current ownership position. Once a person or group
acquired 15 percent or more of the outstanding common stock of Malan, each
right would have entitled its holder to purchase Malan's common stock (or of
any company that acquires Malan) at a 50 percent discount.
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 64 properties located in 9 states
that contains an aggregate of approximately 5.9 million square feet of GLA.
News releases for Malan Realty Investors are available on the company's
web site at http://www.malanreit.com or through Company News On-Call by fax at (800)
758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
Michael K. Kaline, President of Malan Realty
Investors, Inc., 248-644-7110, or Fred Nachman of Marjan
Communications Inc., 312-867-1771
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