AMREP Announces Withdrawal of Merger Proposal
30 September 2010 - 10:00PM
PR Newswire (US)
PRINCETON, N.J., Sept. 30 /PRNewswire-FirstCall/ -- AMREP
Corporation (NYSE: AXR) today reported the withdrawal of the
previously announced proposal received by AMREP from Nicholas G. Karabots, AMREP's Vice Chairman and
59.9% shareholder, to merge AMREP with a company controlled by Mr.
Karabots in a transaction in which other shareholders would receive
$12.00 per share in cash for their
AMREP shares. AMREP had previously announced the September 8, 2010 receipt of the merger proposal
in a press release that was filed with the Securities and Exchange
Commission on September 10, 2010 as
an exhibit to AMREP's quarterly report on Form 10-Q.
AMREP Corporation's AMREP Southwest Inc. subsidiary is a major
landholder and leading developer of real estate in Rio Rancho, New Mexico, and its Kable Media
Services, Inc. subsidiary distributes magazines to wholesalers and
provides subscription and product fulfillment and related services
to publishers and others.
SOURCE AMREP Corporation
Copyright . 30 PR Newswire
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