BINGHAM FARMS, Mich., Dec. 18 /PRNewswire/ -- Malan Realty Investors, Inc.
(NYSE: MAL), a self-administered real estate investment trust (REIT), today
said it is advising shareholders to reject an unsolicited offer by Summit
Venture Partners to purchase up to 2 percent of Malan's outstanding common
stock. The offer, which Malan believes was first made on November 30, 1998,
is at a price substantially lower than the market price on the New York Stock
Exchange.
According to an offer obtained by Malan, Summit is offering $12.625 per
share, less distributions paid after September 30, 1998, for the Malan stock,
substantially below the closing price of Malan's common stock on December 17,
1998, of $15.25. The offer is said to expire on December 31, 1998.
The company noted that if a shareholder wished to sell shares, he or she
could do substantially better on the open market than through the tender
offer.
The company said it has had no contact with Summit regarding the tender
offer, either prior to or after the announcement of the offer, and it became
aware of the offer through inquiries from brokers and shareholders. Neither
Malan nor its officers and directors have any affiliation with Summit.
Statements in this news release regarding future revenues or expenses may
be considered forward looking within the meaning of the Securities Exchange
Act of 1934. Such statements are subject to important factors that could
cause results to differ materially from those in the forward looking
statements, including the factors as detailed in the company's Annual Report
on Form 10-K for the year ended December 31, 1997.
Malan Realty Investors, Inc. owns and operates a portfolio of 66 shopping
centers, freestanding stores and entertainment facilities, primarily in the
Midwest. The properties represent approximately 6.2 million square feet of
gross leasable area. The company currently has 5.2 million common shares
outstanding.
News releases for Malan Realty Investors are available through Company
News On-Call by fax at 800-758-5804, ext. 114165, or
http://www.prnewswire.com.
SOURCE Malan Realty Investors, Inc.
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/114165.html or fax,
800-758-5804, ext. 114165
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, Inc., 248-644-7110; or Fred Nachman of
Corporate Technology Communications, Inc., 312-832-9300 ext. 202,
for Malan Realty Investors, Inc.
|
