Franklin Street Properties Corp. Announces Decision to Postpone Consideration of Possible Merger Transaction
Friday October 28, 1:30 pm ET
WAKEFIELD, Mass.--(BUSINESS WIRE)--Oct. 28, 2005--Franklin Street Properties Corp. (AMEX:FSP - News) today announced that its Board of Directors has decided to postpone any current consideration of the possible effort to acquire or merge any or all of five REITs (together, the "Proposed Sponsored REITs"). The potential acquisition of the Proposed Sponsored REITs was disclosed in an 8-K filing dated May 4, 2005. The Proposed Sponsored REITs are: FSP Willow Bend Office Center Corp., FSP Innsbrook Corp., FSP 380 Interlocken Corp., FSP Blue Lagoon Drive Corp., and FSP Eldridge Green Corp. In the past FSP has used its stock as currency to acquire a number of Sponsored REITs (as defined in FSP's most recent quarterly report on Form 10-Q).
"The decision of whether to pursue a future acquisition/merger of the Proposed Sponsored REITs or any other potential acquisition targets by FSP will be influenced by, among other things, FSP's stock price," said George J. Carter, President and CEO. "Currently we believe FSP stock is undervalued by the market; and, consequently, that circumstance makes it difficult to craft a beneficial transaction at this time." |
