MI Developments Inc. announces response to Greenlight Capital Letter
August 24 2004 - 4:06PM
PR Newswire (US)
MI Developments Inc. announces response to Greenlight Capital
Letter AURORA, ON, Aug. 24 /PRNewswire-FirstCall/ -- MI
Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) ("MID") today
announced that it has filed with the Ontario Securities Commission
("OSC") its response to the August 10 letter of Greenlight Capital,
Inc. to the OSC. MID's letter responds to Greenlight's allegations
and explains how MID's proposed offer for all the outstanding
shares of Class A Subordinate Voting Stock of Magna Entertainment
Corp. not currently owned by MID was properly structured and
approved by a Special Committee of Independent Directors of MID
relying on outside legal and financial advice. More details are
available by reviewing MID's response which has been filed with the
OSC and the U.S. Securities and Exchange Commission ("SEC"), and
should be available on the SEC's website at http://www.sec.gov/ or
at http://www.sedar.com/. The response has also been posted today
on MID's website, http://www.midevelopments.com/. About MID and MEC
MID is a real estate operating company engaged in the ownership,
development, management, leasing and acquisition of industrial and
commercial real estate properties located in North America and
Europe. Virtually all of its income-producing properties are under
lease to Magna International Inc. and its subsidiaries. MID also
holds a controlling investment in MEC, North America's number one
owner and operator of horse racetracks, based on revenues, and one
of the world's leading suppliers, via simulcasting, of live racing
content to the growing inter-tract, off-track and account wagering
markets. Forward-Looking Statements The contents of this press
release may contain "forward-looking statements" within the meaning
of Section 27A of the United States Securities Act of 1933 and
Section 21E of the United States Securities Exchange Act of 1934.
Forward-looking statements may include, among others, statements
regarding MID's future plans, costs, objectives or economic
performance, or the assumptions underlying any of the foregoing. In
this press release we use words such as "may", "would", "could",
"will", "likely", "believe", "expect", "anticipate", "intend",
"plan", "forecast", "project", "estimate" and similar words to
identify forward-looking statements. Forward-looking statements
should not be read as guarantees of future 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.
Forward-looking statements are based on information available at
the time and/or management's good faith belief with respect to
future events and are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond MID's control. MID expressly disclaims any intention and
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent information, events or
circumstances or otherwise. Where to Find Additional Information
About the Offer This press release is neither an offer to purchase
securities nor a solicitation of an offer to sell securities of
MEC. At the time the proposed offer is commenced, MID will file an
offer to purchase/prospectus with the SEC and Canadian securities
regulatory authorities and MEC will file a
solicitation/recommendation statement with respect to the offer.
Investors and stockholders are strongly advised to read the offer
to purchase/prospectus (including the offer to purchase, letter of
transmittal and related tender documents) and the related
solicitation/recommendation statement when they become available
because they will contain important information. At that time,
investors and stockholders may obtain a free copy of the offer to
purchase/prospectus, the related letter of transmittal and certain
other offer documents, as well as the solicitation/recommendation
statement from the SEC's website at http://www.sec.gov/ or at
http://www.sedar.com/. Free copies of these documents can also be
obtained from MID by directing a request to MID, Attention: General
Counsel, 455 Magna Drive, Aurora, Ontario, Canada L4G 7A9, (905)
713-6322. YOU SHOULD READ THE OFFER TO PURCHASE/PROSPECTUS
CAREFULLY BEFORE MAKING A DECISION CONCERNING THE OFFER.
DATASOURCE: MI Developments Inc. CONTACT: about this press release,
please contact John Simonetti at (905) 726-7619
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