General Growth Announces Extension of Rights Agreement
November 20 2008 - 6:15PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) today announced it has
extended the expiration date of its Rights Agreement to November
18, 2010. The Rights Agreement was originally adopted with an
expiration date of November 18, 2008. In connection with this
extension, the purchase price of each right issued under the Rights
Agreement was changed from $148 to $105. As a result, the holder of
each right is entitled to purchase one-third of one one-thousandth
of a share of the Company�s Series A Junior Participating Preferred
Stock for $105, subject to the provisions of the agreement. No
other terms of the Rights Agreement were modified. Adam Metz,
interim chief executive officer of General Growth, stated, �The
extension and amendment of our Rights Agreement is part of the
effort by the board to protect and maximize the value of our
stockholders� investment in the Company and helps to ensure that
the Company�s ongoing strategic evaluation is allowed to proceed in
an orderly manner.� FORWARD LOOKING STATEMENTS This press release
contains forward-looking statements, including the Company�s
strategic evaluation. Actual results may differ materially from the
results suggested by these forward-looking statements, for a number
of reasons, including, but not limited to, tenant occupancy and
tenant bankruptcies, the level of indebtedness and interest rates,
retail and credit market conditions, impairments, land sales in the
Master Planned Communities segment, the cost and success of
development and re-development projects and our ability to
successfully manage our strategic and financial review and our
liquidity and refinancing demands. Readers are referred to the
documents filed by General Growth Properties, Inc. with the SEC,
which further identify the important risk factors which could cause
actual results to differ materially from the forward-looking
statements in this release. The Company disclaims any obligation to
update any forward-looking statements. ABOUT GENERAL GROWTH
PROPERTIES General Growth is a U.S. based, publicly traded Real
Estate Investment Trust. The Company currently has an ownership
interest in or management responsibility for a portfolio of more
than 200 regional shopping malls in 44 states, as well as ownership
in master planned community developments and commercial office
buildings. The Company portfolio totals approximately 200 million
square feet of retail space and includes over 24,000 retail stores
nationwide. The Company is listed on the New York Stock Exchange
under the symbol �GGP.� For more information, please visit the
Company website at www.ggp.com.
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