Horizon Group Properties Announces Odd Lot Tender Offer
Friday October 3, 6:41 pm ET
CHICAGO, Oct. 3 /PRNewswire-FirstCall/ -- Horizon Group Properties, Inc. (HGP) (Nasdaq: HGPI - News), an owner, operator and developer of factory outlet centers and land developer, announced that that it has commenced a tender offer for the purchase of all shares of its common stock held by persons owning 20 or fewer shares as of the close of business on September 26, 2003. HGP will pay $5.00 for each share properly tendered by an eligible stockholder. This price represents a premium of approximately 28% over the last sale price of the common stock on the Nasdaq SmallCap Market on October 2, 2003, the last trading day prior to the date of the offer. Tendering shareholders will not have to pay any processing fees or brokerage costs associated with the offer.
The offer is not conditioned on the receipt of any minimum number of tenders. The offer will expire at 5:00 p.m., New York City time, on Friday, November 7, 2003, unless extended prior to that date. Eligible stockholders who would like to accept the offer must tender all shares that they own. Partial tenders will not be accepted. Questions or requests for documents may be directed to Georgeson Shareholder, the Information Agent for the offer, by telephone at (888) 679-2897 (toll free) or in writing at 17 State Street, New York, New York 10004. Information on the tender offer may also be obtained free of charge at www.sec.gov.
If, after completion of the tender offer, HGP has fewer than 300 stockholders of record, HGP intends to terminate the registration of its common stock under the Securities Exchange Act of 1934 and become a non-reporting company. If that occurs, HGP will no longer file periodic reports with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q, and will not be subject to the SEC's proxy rules. In addition, the common stock will no longer be eligible for trading on the Nasdaq market.
This REALLY pisses me off ! |
