CAPREIT accuses Dominium of attempting to sabotage merger.ROCKVILLE, Md.--(BUSINESS WIRE)--Oct. 14, 1996--Capital Apartments Properties Inc. (CAPREIT) President Richard L. Kadish has called attempts by Dominium DOMINIUM, empire, domain. It is of three kinds: 1, Directum dominium, or usufructuary dominion; dominium utile, as between landlord and tenant; or, 2. It is to full property, and simple property. Tax Exempt Fund LLP LLP - Lower Layer Protocol to impede a proposed merger between CRITEF partnerships and affiliates of CAPREIT "malicious, egregious, and in furtherance of their `green mail' solicitations." Kadish stated: "After Dominium tried and failed for seven months to produce a better cash offer than CAPREIT's, Dominium proposed to CAPREIT that it enter into a management contract which would have given Dominium $3.5 million in termination fees upon approval of the merger of the Funds. I believe their attempt to impede the merger is a continuation of their effort to obtain green mail." Kadish further pointed out that Dominium holds only 100 shares each of CRITEF I, II and III which were only purchased within the last few weeks. "We can only speculate that Dominium may seek to profit by a fall in the BAC BAC abbr. blood alcohol concentration prices should the merger fail. "By marked contrast," the CAPREIT president said, "Our offers, each of which provides a premium to the BAC holders, has been reviewed and approved by the Delaware Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . . In addition, the price being offered to each BAC Holder has the support of a Fairness Opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. from a nationally recognized investment banking firm with extensive experience in real estate valuations." CAPREIT's price offer constitutes a 27 percent premium to the market price the day CAPREIT made its bid, according to Kadish. He pointed out that the CRITEF proxy underwent an extensive review by the Securities and Exchange Commission to ensure that all relevant facts were stated and explained. "CAPREIT's offer has been made fairly and with the belief that BAC Holders will receive significantly more value from the mergers than they would be able to obtain by selling their BAC's in the public marketplace at the prices that prevailed immediately prior to the initial announcement of the mergers. This has been substantiated by the fact that there has been no higher firm bids from other nationally recognized real estate firms," Kadish said. CAPREIT owns, develops and manages multifamily garden-style and townhome communities throughout the Midwest, Mid-Atlantic, Northeast and Southeast United States. CAPREIT currently owns and manages 30 properties with 8,942 housing units. CAPREIT also manages an additional 39 apartment communities on behalf of third-party owners. CONTACT: CAPREIT, Rockville Richard L. Kadish, 301/231-8700 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public & Investor Relations Investor relations The process by which the corporation communicates with its investors. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Leslie A. Schupak, 212/682-6565 ext. 207 Fax: 212/338-9558 E-Mail: KCSA@AOL.COM |
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