MI DEVELOPMENTS RECEIVES PROPOSAL FOR ITS RACING ASSETS FROM MINOR RACING, LLC
November 10 2010 - 3:46PM
PR Newswire (Canada)
AURORA, ON, Nov. 10 /CNW/ -- AURORA, ON, Nov. 10 /CNW/ - 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 Park(TM), 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. p align="justify"bMI
Developments Inc./bbr/ br/ 455 Magna Drivebr/ Aurora, Ontario L4G
7A9br/ Tel (905) 713-6322br/ Fax (905) 713-6332/p
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