Bay Meadows Operating Company has not Agreed to Negotiate Exclusively with Hudson Bay Partners, L.P.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Aug. 12, 1996--In responding to a Securities and Exchange Commission (SEC) filing and a recent news release, Bay Meadows Operating Co. (AMEX AMEX See: American Stock Exchange Symbol: CJ) clarified today that it has not entered into an agreement to negotiate exclusively with Hudson Bay Partners, L.P. Bay Meadows further stated, however, that it has every intention of cooperating and discussing all pertinent matters with Hudson Bay. Hudson Bay is a 5 percent owner of Bay Meadows, according to an SEC Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. filing made by Hudson Bay. Jack Liebau, president of Bay Meadows, stated that he understood California Jockey Club, whose stock trades under a pairing agreement with Bay Meadows, had entered into an agreement with Hudson Bay providing for exclusive negotiations. Liebau said: "The Board of Bay Meadows determined that it was not in the best interests of its shareholders for Bay Meadows to participate in tri-party negotiations with Cal Jockey and Hudson Bay until after Cal Jockey had held its election for directors at the court-ordered stockholders meeting to be held on August 30, 1996." Liebau added: "California Jockey Club, unlike Bay Meadows, is continuing to negotiate a definitive agreement with Hudson Bay notwithstanding the imminent contested election for control of its Board." California Jockey Club is one of the nation's two publicly traded real estate investment trusts whose primary asset is a horse racing track. The Bay Meadows Operating Co. operates the Bay Meadows Racetrack Bay Meadows is a horse racing track in San Mateo, California, in the San Francisco Bay Area in the United States. History Bay Meadows Racecourse is the longest continually operating thoroughbred racetrack in California, having been founded in 1934. on the San Francisco Peninsula The San Francisco Peninsula in California separates the San Francisco Bay from the Pacific Ocean. On its northern tip is the city of San Francisco. On its southern end is part of Santa Clara County, including the cities of Palo Alto, Los Altos, and Mountain View. . The companies' shares are traded as a single unit under a pairing agreement on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . CONTACT: Bay Meadows Operating Co. F. Jack Liebau, 415/573-4505 |
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