AURORA, ON,
Nov. 10 /PRNewswire/ - MI
Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE:
MIM) announced that it has received a proposal from Minor
Racing, LLC to acquire from MID for a price in the range of
US$150 million to US$170 million the
following assets of MID: Santa Anita
Park, Golden Gate Fields, The Maryland Jockey Club, Portland
Meadows, AmTote and XpressBet. Minor Racing also proposed to
acquire Gulfstream Park (including MID's interest in The Village at
Gulfstream Park, a joint venture with Forest City Enterprises,
Inc.) and all of MID's other Florida racing related assets, for an
additional US$150 million, although
the proposal is not conditioned on the inclusion of these
assets. The proposal is subject to due diligence and assumes
that the assets would be acquired debt free and that the acquired
entities would be working capital neutral.
The Special Committee of the Board of Directors
of MID is reviewing and evaluating the proposal from Minor
Racing.
ABOUT MID
MID is a real estate operating company engaged
primarily in the acquisition, development, construction, leasing,
management and ownership of a predominantly industrial rental
portfolio leased primarily to Magna International Inc. and its
automotive operating units in North
America and Europe. MID
also acquires land that it intends to develop for mixed-use and
residential projects. Additionally, MID owns Santa Anita Park,
Golden Gate Fields, Gulfstream
Park (including an interest in The Village at Gulfstream
ParkTM, a joint venture with Forest City Enterprises,
Inc.), The Maryland Jockey Club
(via a joint venture with Penn National Gaming, Inc.), Portland
Meadows, AmTote and XpressBet®, and through some of these assets,
is a supplier, via simulcasting, of live horseracing content to the
inter-track, offtrack and account wagering markets. For
further information about MID, please visit www.midevelopments.com
or call 905-713-6322.
Forward Looking Statements
This press release may contain statements that,
to the extent they are not recitations of historical fact,
constitute "forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements may
include statements regarding MID's future plans, goals, strategies,
intentions, beliefs, estimates, costs, objectives, economic
performance or expectations, or the assumptions underlying any of
the foregoing. Words such as "may", "would", "could", "will",
"likely", "expect", "anticipate", "believe", "intend", "plan",
"forecast", "project", "estimate" and similar expressions are used
to identify forward looking statements. Forward-looking statements
should not be read as guarantees of future events, performance or
results and will not necessarily be accurate indications of whether
or the times at or by which such future performance will be
achieved. Undue reliance should not be placed on such statements.
Forward-looking statements are based on information available at
the time and/or management's good faith assumptions and analyses
made in light of our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances, and are
subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond MID's control, that
could cause actual events or results to differ materially from such
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, the risks set forth in
the "Risk Factors" section in MID's Annual Information Form for
2009, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to
MID's Annual Report on Form 40-F for the year ended December 31, 2009, which investors are strongly
advised to review. The "Risk Factors" section also contains
information about the material factors or assumptions underlying
such forward-looking statements. Forward-looking statements speak
only as of the date the statements were made and unless otherwise
required by applicable securities laws, MID expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements contained in this press release to
reflect subsequent information, events or circumstances or
otherwise.
SOURCE MI Developments Inc.
Copyright . 10 PR Newswire